NAB – The Morning Call · Commodities fall, VIX jumps, Aussie hit hard as growth concerns rise
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Commodities fall, VIX jumps, Aussie hit hard as growth concerns rise

Friday 20th August 2021

There are more concerns over the global growth story, with commodity prices falling and the Aussie dollar one of the hardest hit currencies this morning. NABs David de Garis says China’s growth is one of the biggest concerns. Phil Dobbie asks whether expectations were set too high. COVID case rises continue to play on uncertainty, with another report showing how the efficacy of vaccines can quickly deteriorate, hence the need for booster shots. Debates over the time of the Fed’s tapering continues, but it’s unlikely we’ll hear more at Jackson Hole next week. Aussie employment numbers yesterday might have surprised o the upside, but it wasn’t as strong as the headline would suggest and, in any case, it won’t last with lockdowns continuing. Once again, COIVD cases for NSW, Victoria and NZ will be the most important numbers of the day today.

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