It was a mostly quiet start to the news week as there were no major surprises in store for markets with the Trump/Putin meeting. It will also be a relatively quiet week on the data side, with Jackson Hole the main event of the week (but that's only Friday).
Navarro criticizes India’s oil trade with Russia, questions strategic alignmentCrypto continuing to give back some of its recent gainsImplied volatility levels for US500, NAS100 and GER40Qantas accepts A$90m court penalty, adds A$120m compensation fundIndia proposes GST cuts on small cars and insurance premiumsUS earnings in focus for the week aheadSouth Korea plans partial implementation of inter-Korean agreementsTrump says Zelensky could end war immediatelyPBOC sets USD/ CNY reference rate for today at 7.1322 (vs. estimate at 7.1793)Hurricane Erin strengthens into a major storm near Grand TurkSingapore Non-Oil Exports YY -4.6% vs -1.8% expected (previous 13.0%)PBOC is expected to set the USD/CNY reference rate at 7.1793 – Reuters estimateNIKKEI225 hits new all-time highsImplied volatility levels for EURUSD, USDJPY & GBPUSDCommodities struggling a bit this morningFX Positioning insights for the Week aheadUK House Price Rightmove MM -1.3% vs -1.2% priorNZ Business Services Index 48.9 vs 46 PriorNZIER shadow board recommends a 25bp cut at this week's meetingInterest rate expectations for upcoming meetingsRussia wants security guarantees in any Ukraine peace dealEconomic Calendar for today 18 August 2025Macron pushes for strong Ukraine stance ahead of Washington talksEarly indicative FX pricing as we start the new weekMarkets didn't see much reaction at the open as the weekend didn't provide anything worth reacting to.
Oil saw some downside at the open, but have since paired some of the earlier losses. Precious metals like gold and silver saw some early-session weakness, but both have recovered well and is trading in the green.
In FX, we saw some mild risk on price action with the NZD, AUD and CAD (high beta currencies) leading the major currencies, while the JPY and USD was weak (alongside the EUR).
The move lower in the JPY helped the Nikkei to break to fresh all-time highs, with other equity futures trading mostly in the green as well.
We saw a bit more action on the Crypto side, with BTC and ETH both continuing to push lower after its recent run higher. Seeing some profit-taking after the recent run is not too surprising though.
Apart from that, there weren't any data releases worth mentioning, with a mostly quiet start to the week overall.
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