Sally Auld

speaker

5,823 appearances 57 recordings 1 series first heard Sep 2024 last heard 17 Aug

Sally Auld’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 28 in all, peaking in Aug 2026 with 3.

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NAB Morning Call · Open Tomorrow. Or Not. · 3 Aug 2026 podcast

uh sort of roll.

And so in that sense, doesn't it does feel a little bit like there's a lot of talk and maybe not a whole lot of action and and I would sort of suspect that the market's not a hundred percent sort of locked in on what the the Fed's reaction function is uh at the moment.

So it does suggest, you know, maybe we're gonna get

little bit of a a sort of uptick in both implied and realised volatility probably in the front end of of rates markets.

So good if you're a a rates trading business and and possibly also in FX markets as well.

Well, I think uh they they want uh I guess what you would call sort of fairly valued and competitive FX market.

So uh, you know, like a a really, really weak yen, which is what we have on basically most medium term or long term valuation measures, uh, you know, implies, you know, probably the dollar being a little bit stronger than would otherwise be optimal.

They're probably wanting, you know, some realignment there.

Um, they're probably also, I suspect, a little bit nervous that, you know, the way that uh

you know, effectively intervention would work, uh, would be that if Japanese authorities are buying the yen to try and support it, that means they have to sell US dollars and and the way they would do that is to liquidate some of their holdings of US treasuries and that might not be optimal at a time when

Uh as we just talked about, markets are expressing a little bit of anxiety around the Fed's new sort of direction of travel, yields have lifted, um, and it's possible that the US doesn't want uh another catalyst to push yields higher as well.

So uh it may be that you know they're involved uh in in for that reason as well.

But I think

You know, it's it is interesting and it's pretty significant and we don't see these things very often.

So I think there's a fair bit of signal here, uh, which currency markets have obviously taken on board just in in the last couple of days.

And, you know, possibly it's a little hint, I guess, of what this new world looks like where, you know, strategic allies like the US and Japan uh you know are are in it together and support each other not just in matters sort of defense or or military, uh but also financial as well.

And so

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