Sally Auld

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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.

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

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NAB Morning Call · We don’t talk any more · 10 Aug 2026 podcast

Um, but basically since then the cross has started to drift back higher and overnight push through

uh a hundred and fifty nine.

Uh so now that that pair is probably more than four big figures higher than where it was at the post intervention lows.

It got a little bit of respite overnight.

There was a story from uh a newswire

that said that the the sort of unprecedented joint US Japan intervention had been prompted by

The Bank of Japan governor's strong indication at his press conference that the rate policy rate would be going up soon after September.

I don't know whether that means at the October meeting and not at not at the September meeting, but uh, you know, apparently the US side reportedly welcomed that news.

Um, and that's what gave them

I guess uh encouragement to to get involved.

So, you know, the yen strengthened on that, but it faded really quickly.

Um and that's b basically because markets are already fully pricing a a twenty five basis point hike by the Bank of Japan in October.

So this is uh I think

You know, the way that our FX strategists have read the story, which is that, you know, yes, the intervention has a bit of a knee-jerk impact on the currency cross, but ultimately the fundamentals that have kept the yen so weak haven't changed, you know, which is that real rates in Japan

are are super low, um, that inflation is elevated, that the government wants to spend uh, you know, a lot of money.

So Takaichi's um, you know, plans are to increase government spending and the fiscal impulse in into the economy.

And I guess against that backdrop

Um, you know, with the Bank of Japan still buying J G Bs, the only release valve uh for markets is a weaker currency and and probably no surprise that the yen started to to weaken again.

Yeah, so I think that that'll be interesting in the sense that um in the NAB business survey's basically done a bit of a one eighty.

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