Tapas Strickland

Tapas Strickland

“Tapas is an Economist within Global Markets Research at the National Australia Bank (NAB). ”

Tapas joined NAB after having spent 6 years at the Reserve Bank of Australia. He writes for the Bank on the economy and on financial markets. At the Reserve Bank of Australia he held positions in domestic analysis and in international financial markets. He also worked as an economic adviser to the Department of Prime Minister and Cabinet, advising the Gillard, Rudd and Abbott governments


How much spare capacity is in the labour market?

The two most significant development overnight were a 1.0% surge in the Euro (Euro now fetches 1.1089 – the highest since November 9 2016), and continued weakness in the US dollar with the DXY down 0.7% overnight and at its lowest point since just after the US the election.

Labour market outlook to improve.

The two big events overnight were a 4.8% slide in the oil price and a surge in European risk assets.

Markets have rallied hard on the back of the French Presidential elections on Sunday.

Headline CPI picking up in 2017.

The Pound soared 2.2% overnight following the UK PM’s call for early elections.

Geopolitics took a backseat today with Trump’s Wall Street Journal interview dominating market moves.

The oil price was the standout performer with WTI oil up 1.6% to $53.10 a barrel while Brent reached $55.99 after having risen for six-consecutive days.

The APRA Chairman and RBA Governor both make clear that the recent moves reflect a desire to further tighten lending standards in what is considered to be an environment of heightened risks.

It was a busy overnight session packed full of data that led to some intraday moves.

Titanium was the urban-dance hit of late 2011 and is still a favourite of gym junkies the world around. The lyrics also seem to be an apt description of the US economy where data remains strong even though a risk-off tone has developed over the past couple of days.

Australia’s population growth has strengthened to a 1.5% pace, equivalent to around 350k persons in the past year – almost equivalent to the population of Canberra being added to Australia each year (or a new Darwin and a new Hobart!).

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