The US crop conditions index improved slightly for the second week in a row and early results from South Texas look promising, but there is still a long way to go in terms of the harvest and concerns in the Delta continue. Australian cotton is selling quickly into China as current crop supplies dwindle at origin.
After some weaker than expected data last week, US Q2 GDP was revised higher to 2.5% annualized. US bank profits also rose to a record, indicating that bank sector health has recovered following the Great Recession and supporting ideas that the Fed will announce the start of tapering at its September meeting.
This has helped the USD gain and seen softer commodity prices to end the week. India, Indonesia and several other developing markets have seen their currencies suffer alongside US rate increases and weakening economic fundamentals and opinions differ as to whether these will turn into a full-blown crisis.
The US is considering a military strike in Syria, although much of the fear factor seems to have already been priced into the market.
| On 18th Oct 2021
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