Japan Economics Weekly FX Intervention won’t fix Japan’s credibility problem Joint US-Japan intervention provided some initial support to the yen. However, the currency has since given back some of its gains, and we don’t believe official purchases can substitute for a... 7th August 2026 · 4 mins read
Canada Economics Update Little sign yet of AI-related GDP gains in Canada There is little sign of AI effects supporting activity or productivity in Canada yet, although the evidence of accelerating ICT investment and increasing AI adoption more broadly bodes well for the... 6th August 2026 · 5 mins read
UK Economics Chart Pack UK Economics Chart Pack (Aug. 2026) The fall in CPI inflation from 2.8% in May to a 14-month low of 2.6% in June suggests there was a lot of disinflation in the system before the start of the Iran war. And the continued weakness in the... 6th August 2026 · 1 min read
FX Markets Update Your questions on Japan’s markets answered The yen had weakened to a 40-year low against the dollar before FX intervention prompted a rebound last week, while the 10-year JGB yield is close to multi-year highs. This Update answers key client... 6th August 2026 · 5 mins read
US Rapid Response US ISM Services Index (Jul. 2026) The slight rise in the headline ISM Services Index in July leaves our weighted composite ISM index at a level consistent with third-quarter GDP growth of around 2% annualised. While a little... 5th August 2026 · 2 mins read
FX Markets Update 2024-style carry trade unwind still appears unlikely While carry trade positioning appears to have increased over the past couple of years, we doubt the recent yen intervention alone will trigger a carry trade unwind and a rapid yen appreciation along... 5th August 2026 · 4 mins read
Australia & New Zealand Rapid Response New Zealand Labour Market (Q2 2026) With spare capacity in the labour market still rising, the RBNZ won’t be in a rush to hike rates again. 5th August 2026 · 2 mins read
Canada Rapid Response Canada International Trade (Jun. 2026) The continued rise in the trade surplus was largely attributable to a jump in gold exports, although there were still genuine pockets of strength in the external sector. This offset a drop in oil... 4th August 2026 · 2 mins read
RBA Watch RBA’s next move will be down, but not until H2 2027 We expect the RBA to leave rates on hold at its August meeting. Although the Bank is likely to continue talking tough on inflation for a while, we don’t think it will go so far as to raise rates again... 4th August 2026 · 8 mins read
Australia & New Zealand Rapid Response Australia Household Spending (Q2/June 2026) With headwinds to private consumption still looming, we doubt that the moderate pickup in household spending last quarter will move the needle for the RBA. Our base case remains that the Bank is done... 4th August 2026 · 2 mins read
Australia & New Zealand Chart Pack ANZ Chart Pack (August 2026) Our ANZ Chart Pack has been updated with the latest data and our analysis of recent developments. Data released over the past month showed that Australia's labour market, housing market, and... 3rd August 2026 · 1 min read
Australia & New Zealand Economics Update Housing downturn will prevent further rate hikes Australian house prices kept falling at a rapid pace in July. With affordability still very stretched and leading indicators flashing red, the downturn has much further to run. 3rd August 2026 · 3 mins read
US Economics Weekly Economy continues to show solid momentum Federal Reserve Chair Kevin Warsh’s muddled July FOMC press conference and the resulting gyrations in financial markets dominated this week’s headlines, diverting attention from data suggesting that... 31st July 2026 · 6 mins read
Canada Economics Weekly The Great Ottawa Shakedown continues Prime Minister Mark Carney's refusal to use energy exports as leverage against the US and decision to ditch yet another levy on US Big Tech shows Ottawa has succumbed to the pressure of watching an... 31st July 2026 · 5 mins read
UK Economics Weekly Probability of BoE interest rate hikes may be starting to shrink Despite the Bank of England maintaining its hiking bias on Thursday, it feels as though the Bank is edging further away from interest rate hikes as it comes round to our view that the weak labour... 31st July 2026 · 4 mins read
