Morning wrap (08.08.2022)

• Indices from Asia-Pacific traded higher today. Nikkei gained 0.28%, S&P/ASX 200 added 0.1% while Kospi moved 0.05% higher. Indices from China traded mixed

• DAX futures point to a higher opening of the European cash session

• US index futures trade slightly above Friday's cash close

• US Senate passed the 'inflation reduction' act

• Moody's has cut Italy's outlook to 'negative' from 'stable'

• Goldman Sachs predict +50 bp rate hike in September, while JP Morgan expects +75bp

• Fed's Bowman said +75 bp increases should be on the table until seen inflation declining

• China's exports in June topped analysts’ estimates and grew at their fastest this year

• China says will continue military drills around Taiwan today

• RBNZ one year inflation expectations rose to 4.86% and 2 year to 3.07%

• Mixed moods prevail on the cryptocurrencies  market at the start of a new week. Bitcoin rose 0.4% while Ethereum trades 0.9% higher

• Oil rebounded today. Brent trades 1.4% higher while WTI rose 1.5%

• Precious metals drop in spite of USD weakness. Gold trades 0.1% lower near $1,772 per ounce

• NZD and EUR are the best performing major currencies while USD and JPY lag the most

NZDUSD pair rose slightly after the RBNZ inflation expectations data and is testing major support at 0.6245. Source: xStation5