SAB Daily Market Update

Economic data
Tuesday, Aug 29 ,2023
Local Time Country Indicator Name Period Actual est. Prior
17:00 US Consumer Confidence Aug - 116.0 117.0
Today Change %
Major Currency
(Aug 29, 2023) (Aug 28, 2023)
EUR/USD 1.0821 0.03
GBP/USD 1.2631 0.23

Market Update AUD/USD

NZD/USD
0.6447
0.5926
0.28
0.29
USD/CHF 0.8838 0.01
 Dollar muted as markets brace for data fest; yen USD/JPY 146.4200 0.08
under pressure. USD/CAD 1.36 0.06
USD/NOK 10.6934 0.22
The U.S. dollar was subdued on Tuesday as traders resisted USD/SEK 10.9618 0.24
placing large bets ahead of a slew of economic data this week, USD/CNY 7.2884 0.01
while the yen languished near levels that triggered intervention
Today Change %
last year. The index is up 2% this month and is coming off a run of Major Currency
(Aug 29, 2023) (Aug 28, 2023)
six straight weeks of gains as resilient U.S. economic data
EUR/SAR 4.0627 0.03
bolstered expectations that rates may stay higher for longer.
That view gained more traction after Federal Reserve Chairman GBP/SAR 4.7423 0.23
Jerome Powell suggested on Friday that further interest rate AUD/SAR 2.4205 0.28
increases may be needed to cool still-too-high inflation, though NZD/SAR 2.2249 0.29
his promise to move with care at upcoming meetings provided CHF/SAR 4.2481 0.01
for some uncertainty. With the U.S. central bank highlighting the JPY/SAR 0.0256 0.08
rate path will be heavily dependent on data, the spotlight will be CAD/SAR 2.7625 0.06
on a batch of economic indicators this week, including payrolls NOK/SAR 0.3511 0.22
and personal consumption expenditure. Data dependent central SEK/SAR 0.3425 0.24
banks keep the currency market susceptible to the latest major
CNY/SAR 0.5151 0.01
indicators, strategists from BofA Global Research said in a note.
Markets are pricing in a 78% chance of the Fed standing pat on Today Change %
SAR SAIBOR
interest rates next month, the CME FedWatch tool showed, but (Aug 28, 2023) (Aug 27, 2023)
the odds of a hike in the November meeting are now at 62% 1 Months 5.8091 -0.669
compared with 42% a week earlier. The yen was little changed at 3 Months 6.1356 -0.084
146.43 per dollar in Asian hours but remained close to 146.75, its 6 Months 6.1225 -0.099
lowest level since Nov. 9. The Asian currency is down about 11%
against the dollar for the year. Japan intervened in currency Today Change %
USD Term SOFR
markets last September when the dollar rose past 145 yen, (Aug 28, 2023) (Aug 25, 2023)
prompting the Ministry of Finance to buy the yen and push the 1 Months 5.3337 0.090
pair back to around 140 yen. The euro was up 0.12% to $1.083 3 Months 5.4174 0.251
ahead of euro zone inflation data later this week. The single 6 Months 5.4928 0.466
currency is up for the second straight day, stepping away from
the two month low it hit last week. Sterling was last at $1.2623, Today Change %
US Treasury
up 0.16% on the day, also moving off two-month lows from last (Aug 29, 2023) (Aug 28, 2023)
week. 5-Year 4.36 -0.56
10-Year 4.18 -0.56
 Oil trades flat as supply concerns offset worries
SAMA Current Previous
over demand.
Repo 6.00 5.75
Oil prices traded flat on Tuesday as worries that further possible Reverse Repo 5.50 5.25
U.S. interest rate hikes could pull down demand were countered 3 Month T-Bills 5.69000 5.65000
by concerns a tropical storm off the U.S. Gulf Coast may impact 6 Month T-Bills 5.81000 5.77000
supply. Brent crude was flat at $84.42 a barrel, while U.S. West 1 Year T-Bills 5.86000 5.83000
Texas Intermediate crude shed 2 cents to $80.08. Investors await
key U.S. economic data later this week that will help determine
the path of interest rates this year and next. Federal Reserve
Chair Jerome Powell on Friday said the U.S. central bank may
need to raise rates further to cool stubborn inflation. Markets
anticipate an 80% chance the Fed standing pat next month,
Refinitiv's FedWatch tool showed, but the probability of a rate
hike in November is now seen at roughly 56%.

*1 Source: Reuters and Bloomberg

Major Events Coming Up
Key events
Date Country Event Commodity
Today Change %
(Aug 29, 2023) (Aug 28, 2023)
30-Aug Euro Zone Consumer Confid. Final
OIL BRT (US$/Barrel) 84 -0.02
30-Aug US GDP 2nd Estimate
GOLD (US$/Oz) 1,925 0.24
31-Aug Euro Zone HICP Flash YY
31-Aug Euro Zone HICP-X F,E,A&T Flash YY SILVER (US$/Oz) 24 0.36
31-Aug Euro Zone HICP-X F, E, A, T Flash MM
Today Change %
31-Aug Euro Zone Unemployment Rate Market Index
(Aug 28, 2023) (Aug 27, 2023)
31-Aug US Consumption, Adjusted MM
TASI 11,464 -0.05
31-Aug US Core PCE Price Index MM
31-Aug US PCE Price Index MM NOMU 23,666 -1.43
31-Aug US Initial Jobless Clm Today Change %
Market Index
1-Sep Euro Zone HCOB Mfg Final PMI (Aug 28, 2023) (Aug 25, 2023)
1-Sep US Non-Farm Payrolls Dow Jones 34,560 0.62
1-Sep US Unemployment Rate
S&P 500 4,433 0.63
1-Sep US S&P Global Mfg PMI Final
1-Sep UK Nationwide house price mm NASDAQ 13,705 0.74
FTSE 100 7,339 0.07
NIKKEI 225 32,207 0.14

*1 Source: Reuters and Bloomberg

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