Oil prices were fairly steady during the session here. Speculation on the fate of the nuclear deal talks continued to mount. Goldman Sachs had a piec
Oil
prices were fairly steady during the session here. Speculation on the
fate of the nuclear deal talks continued to mount. Goldman Sachs had
a piece out with their assessment that a deal was unlikely in the
near term. Goldman Sachs went on to state the obvious, saying that even if a
deal is reached there would be no meaningful additional flows until
the beginning of 2023 at the earliest.
The
next item of note was from Australia, where wages data showed
continued growth during Q2, although the extent did miss the central
estimate. The Australian dollar was marked down on the data result.
It has retraced its loss to be slightly lower on the day as I post.
On
the central bank front we then had the Reserve Bank of New Zealand
decision. In addition to hiking the official cash rate (OCR) by the
expected 50bp the RBNZ issued revised projections for the OCR ahead.
These showed the cash rate is expected to be raised higher than was
previously forecast. NZD/USD had dropped a little on the Australian
data earlier but was then marked higher on the RBNZ. Its since
dropped back from highs just above 0.6380.
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