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Daily Market Commentary 17th September 2021

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Markets were flat overnight, following a shocking and expected session, resulting from the UK inflation numbers. US Retail Sales improved marginally, which settled the Bears, while Asian markets still worried over weaker economic data. There will be no economic recovery until the virus is treated as given, as in the UK, Denmark etc. The US Dollar regained some ground overnight, with the EUR falling to 1.1750, while the GBP dropped below 1.3800.

Australian Employment data was better than expected, with the headline Unemployment rate falling from 4.6%, to 4.5%! The participation rate gave a clue to the reason, falling to 65.2%. These numbers are historical and avoid reality as they only include minimal employment measures. The real Unemployment rate in Australia is massive, but the reality is not up for public consumption. The AUD fell below 0.7300, while the NZD crashed to 0.7060, despite positive GDP numbers.

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