Hong Kong’s Monetary Authority intervenes again to stop the Hong Kong dollar falling off its peg to the US dollar. ANZ Research sees the Reserve Bank of India cutting today. And Australian consumer confidence hits a three-year high.
In our deep dive interview, ANZ New Zealand Senior Economist Miles Workman teases out the implications of significant job hoarding in recent years.
5 things to know in 5 minutes:
The Hong Kong Monetary Authority intervened yesterday for the third time this week to prop up the Hong Kong Dollar on its peg to the US dollar of 7.85. ANZ China Economist Vicky Xiao Zhou says there’s two reasons, starting with the wide gap between low Hong Kong interest rates and high US rates is the driver for carry traders.
ANZ Research is forecasting the Reserve Bank of India will cut interest rates later today because of very low inflation, says ANZ India Economist Dhiraj Nim.
Dhiraj says there’s room for the RBI to cut without reigniting inflation.
The ANZ Australia Roy Morgan Consumer Confidence survey found a rise through the 90 mark for the first time in three years, says ANZ Economist Sophia Angala.
Indonesia reported stronger than expected GDP growth in the June quarter of 5.12% from a year ago, up from 4.87% in the March quarter, says ANZ Asia Economist Krystal Tan.
Cheers,
Bernard.
PS: Catch you tomorrow with analysis of New Zealand’s jobs figures today and the Reserve Bank of India’s decision.
