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


To borrow from Depeche Mode, it seems markets Just Can’t Get Enough with a dovish ECB taper and increasing confidence in US tax reform seeing a rally in risk assets.

As song titles go, Sweet Dreams by the Eurythmics probably sums up overnight price action the best.

Unemployment to head lower say labour market indicators.

The biggest news overnight was the finalisation of the NZ Government. Labour’s Jacinda Arden will now be the next Prime Minister following NZ First’s deal to form a coalition government.

Markets were quiet overnight given the Columbus Day Holiday in the US. Equities were flat (S&P500 0.2%), the US dollar was marginally lower (DXY 0.2%), while the US bond market was closed (note futures were open but with little movement).

Despite a stellar US Non-manufacturing ISM, there were only modest market moves overnight.

Jobs boom seeing some emerging rises in advertised salaries.

A mild risk-off theme quickly emerged around midnight following North Korea’s statement that the US has effectively “declared war” and that North Korea has every right to “make countermeasures”.

Yesterday’s song title was Start me up by the Rolling Stones and it still seems an apt description with the risk‑on tone continuing overnight.

A broad risk on rally that started in the Asia continued overnight driven by expectations of a lower damage bill from Hurricane Irma and the absence of geopolitical headlines with North Korea not launching an ICBM on Saturday as many had feared it would.

I don’t care, I love it was the electro pop song of 2012. So it was with the market reaction to the ECB meeting overnight with the Euro higher (+0.9% to 1.2023) and German Bund yields lower (-4.0bps to 0.31%).

Consumer confidence – personal finances weighing.

It was another FX dominated session with the standout performer being the Canadian Dollar, up 1.1% after stellar Q2 GDP figures.

Articles posted by month