Ray Attrill

Ray Attrill

Head of FX Strategy

“Ray has 30 years experience as an economist and market strategist, obtained in roles working in London, Sydney and New York.”

Ray Attrill is Head of FX Strategy within the Fixed income, Currencies and Commodities division of National Australia Bank.

In this role, he advises the bank’s dealing rooms and institutional and corporate clients on developments in global foreign exchange markets.

Ray has 30 years experience as an economist and market strategist, obtained in roles working in London, Sydney and New York. Prior to joining NAB in 2012, he held a similar role at BNP Paribas, based in New York.

He previously amassed considerable experience in research and strategy, being a joint founding partner for 4CAST limited, a leading independent economic and financial market research company. Prior to that, he worked for many years in senior roles at MMS International, also a leading on-line market research provider.

He holds both Master and Bachelor of Science degrees in economics from the London School of Economics.


The biggest moves across Global Markets have been seen in the US rates market, where break-even inflation rates have jumped by a full 10 basis points at both 5 and 10 years.

If the market is rethinking how soon the Fed might lift rates, there was nothing from incoming Fed speakers overnight to support this view.

The sun has been shining on risk sentiment, commodity prices and commodity currencies overnight

The ‘Quit Rate’ is the highest on record, reflective of the ease which workers are switching jobs, in part at least for better pay or conditions elsewhere.

Words from politicians of various stripes have gone a little way to alleviating two of the major concerns currently plaguing global markets, namely the ongoing energy crisis centred on Europe and the looming deadline for lifting or scrapping the US debt ceiling

NSW meeting the 70% full vaccination target may be announced as early today (more likely tomorrow) in which case it may well attract more local media headlines than the RBA meeting.

Forces acting on the AUD (and other commodity linked currencies) independent of USD strength in September were largely China related.

US equity losses accelerate into Thursday’s close; worse month for S&P500 since March 2020

10yr Treasuries spend time above 1.50%. Neither equities nor USD seem to care….

Week ends quietly after Evergrande/FOMC related volatility earlier in the week

Fed tees up November taper announcement, subject to reasonably good Sep. employment report

A torrid day for Hong Kong’s hang Seng index yesterday, driven by sharp fall in property sector stocks and led by a 16% fall in Evergrande ahead of Thursday’s bond coupon payment day, spilled over to the global arena on Monday with equities down sharply, bond yields lower and safe haven currencies in the ascendancy.

US equity markets slip for second day, bigger falls in Europe amid more cautious mood. NY Fed’s Williams re-enforces markets views post-Jackson Hole, August payrolls.

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