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Kicking off again
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Friday 7th August 2026
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Fighting has kicked off again in the Middle East, this time the Houthis attacking Saudi supported territory in Yemen, with a significant loss of life. Could this open up the troubles on another front, drawing Saudi Arabia further into the conflict. Meanwhile, a deal on the reopening the Strait still hasn’t happened. The net effect oil is back on the rise, and the Aussie dollar has lost ground. What happens next will be a focus today, along with labour market data for the US and Canada. As Phil discusses with NAB’s Ken Crompton there has been a series of data suggesting strength in the labour market – for example, last night’s weekly jobless claims fell below 200k (for the 4-week average) for the first time since October 2022.
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