An air of apathy in August
Jason Wong -
Market movements across most asset classes were well contained through August. Alongside the Northern Hemisphere summer lull, the US-Iran conflict remained in stalemate. Global equities continued to post fresh record highs, supported by stronger earnings and untroubled by modestly higher global bond yields. The NZD was relatively flat against a backdrop of low FX volatility. The JPY was the weakest major currency, as the impact of late-July official intervention faded, while the AUD outperformed as markets shifted towards expecting further RBA tightening.