Dave is a Director and Senior Economist with the NAB.
His bread and butter work is as a business, treasury or financial markets economist, speaking with clients ranging from the Bank’s agribusiness and corporate clients as well as to institutional clients at home and abroad.
He’s writes for the Bank’s daily and weekly economics and market reports, and speaks with the media, often on a day to day basis speaking about the economy and financial markets.
Dave did his economics apprenticeship with federal governments of various persuasions in Canberra, before he left Canberra in the late 1980s. He finished his indenture in Canberra as a senior economic adviser in the then Prime Minister Bob Hawke’s Department in Canberra, and before that in the Federal Treasury and the Bureau of Statistics.
A couple of comments from the Fed chair during the post-FOMC meeting Statement have been responsible for most of the market price action, notably, Powell’s remarks “we’re some ways away from substantial progress on jobs” and that “the Fed is nowhere near considering raising rates”.
For the first time, we are now seeing contagion from the sell-off in Hong Kong and US-listed Chinese shares, to global markets – the NASDAQ in particular, ending the day down 1.2% in front of the earnings results from Apple, Alphabet and Microsoft.
After an initial hint of contagion, European and US equities looked past Asian concerns over China’s regulatory crackdown, closing the day with modest gains at or near record highs. Meanwhile the real story in the rates markets has been the record move decline in the 10y US real rate.
To request the 2019 NAB Superannuation FX Hedging Survey full report, please complete the following details and one of our FX specialists will contact you.