NAB – The Morning Call · Lots of movement, not much direction

Lots of movement, not much direction

17th September 2021

There was a lot of movement overnight, with US equities falling, then regaining some of the losses in late trade. Most currencies fell against a rising US dollar, but even some of those were pared back as the session progressed. The fall in equities happened despite a rise in US retail numbers, when sales were expected to fall. NAB’s Gavin Friend says markets clearly didn’t know which way to take it. There have, of course, been other surprises in the last 24 hours. Australian employment numbers fell more sharply than anticipated and NZ GDP was stronger than expected, both supporting the relative stance of their respective central banks. There are lots of swings and roundabouts on the road to recovery it seems, creating a lot of investor confusion. Today was one of those days.

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