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Action on the Yen, no action in the Gulf
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Monday 3rd August 2026
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There were strong moves in the Yen on Friday, for the second day in a row, with the US reportedly joining Japan in moves to shore up the currency. NAB’s Skye Masters says we can expect to hear more on that today, Meanwhile, no moves in the Gulf despite President Trump’s threat to unleash almighty military action. Gulf states convinced him to give peace one more try. With the Strait still largely closed to traffic it makes this morning’s announcement from OPEC+, to increase production by 188k barrels a day, largely academic. And the focus at the backend of this week will be on non-farm payrolls in the US, whilst household spending is the major data release for Australia.
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