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.


US President Trump’s 40 minute address to the UN, in which he described N. Korea leader Kim Jong UN as “Rocket man on a suicide mission for himself and his regime” has given us a (predictable) song title but frankly not much else.

GBP and CAD pull back on latest BoC and BoE utterances, helping USD move ahead again aided too by modestly higher US Treasury yields (10s +2bps to 2.23%). This pulls AUD comfortably back below 0.80. It has already traded – intra-day – through last week’s 0.7956 low.

The ancient English nursery rhyme was used allegorically in George Orwell’s 1984 to foreshadow the death of true knowledge (and so the advent of fake news, some 50 years before the Simpsons in 2001 foretold of Donald Trump’s ascendency to the US Presidency).

The Japanese Yen and Swiss Franc top the FX leader board while the AUD is close to the bottom at 0.7884.

The NASDAQ rose by an impressive 0.64. In commodities USD slippage helped gold gain $4 to $1287.7 (up $20 on the week).

It’s been a slow start to the week, not just because of yesterday’s NSW bank holiday (it’s not exactly the centre of the universe is it, much as some of us might like to believe otherwise?).

DJ Khaled didn’t have the folks in Washington’s Eccles Building in mind when he composed ‘Fed Up’ in 2009, but December 2017 Fed rate hike pricing pushed up from around 40% to 50% on Friday.

The British Pound has been knocked off its recent lofty perch.

In G10 FX, AUD and SEK were the only two currencies to buck the trend of a falling US dollar.

Markets have largely paused for breath overnight, with US Treasury yields flat-lining and the US dollar ever so slightly firmer.

For an avowed AUD bear, Friday was about as depressing a day as it has been all year.

The Canadian dollar is the standout winner in FX markets after the Bank of Canada raised rates by 0.25% to 0.75% as widely expected but didn’t deliver the ‘dovish hike’ some were expecting.

In German chancellor Angela Merkel’s words, the G20 accord issued on Saturday night didn’t even attempt to paper over the differences between the United States and the other 19 G20 members.

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