Monday 3rd August 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB 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. Hosted on Acast. See acast.com/privacy for more information.

Action on the Yen, no action in the Gulf

NAB Morning Call

Well, we've been here before, President Trump wanting to unleash almighty military action on Iran. Only the Gulf states have said, don't do that, let's get a deal. And Donald Trump has said, OK, but oil's still not flowing very much. And OPEC have announced that they're going to up targets, even though many states in the Gulf won't be able to realise them. Plus, Japan, inflation, currency intervention and a bodge holding off as long as they can. And how long can the Fed hang on for? A few speakers over the weekend have suggested not long.

And it's non-farm payrolls as well for the United States this week. It's Monday. It's the 3rd of August, 2026. It's the Morning Call from NAB. Good morning. Well, there wasn't much movement in the US dollar on Friday, but over the week it did fall 1.6%. But really, the only significant movement on Friday was a 1.3% rise in the Yen. That is 3.7%. It's risen across two sessions now.

Shares were higher, 1% for the Nasdaq, 0.7% for the S&P. We had smaller moves in Europe. In fact, the FTSE 100 fell 0.3%. And the Nikkei rose 4% on Friday. And bond yields rose as well, six basis points in the US for 10 years. And the same across much of Europe. Aussie 10 years were down seven basis points on Friday to 4.93%.

But they are back over 5% now on futures. And oil creeping back up. 1.2% added to Brent. Now just below 88 a barrel, although it was over 90 for part of the session on Friday. And we kick off the week with NAB's Sky Masters. So, yeah, I mean, oil is reacting, I guess. And maybe we'll get a bit more of that today.

Action on the Yen, no action in the Gulf

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The candid version is on a podcast,
not the earnings call.

Action on the Yen, no action in the Gulf

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.