Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Asian share markets are mixed again with Chinese bourses continuing to fall, with Japanese stocks joining in while local issues are unchanged. The USD continues to strengthen against the major currencies as volatility drops going into tonight’s Federal Reserve meeting. Gold is trying to lift off the floor after selling off overnight and is slowly lifting higher as the London session opens up, currently at the $1860USD per ounce level while Bitcoin is consolidating after pushing up through the $40K level but this looks tenuous at best:

The Shanghai Composite is still on the decline, losing some 0.6% to be at 3524 points, while the Hang Seng Index is not doing much better, down 0.4% at 28529 points as it cracks through daily support. Japanese stocks pulled back unexpectedly with the Nikkei 225  closing 0.5% lower at 29291 points as the USDJPY pair remains elevated above the 110 handle yet unchanged:

Australian traders were in a wait and see mode with the ASX200 closing only 0.1% higher at 7386 points while the Australian dollar remains stuck here just below the 77 handle after last nights deflationary move:

Eurostoxx and S&P futures are flat lining here going in the London open with the four hourly chart of the S&P500 showing momentum reverting to a neutral albeit positive position as we all await the Fed’s next move:

The economic calendar will focus completely on the latest FOMC meeting and the press conference thereafter.

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Comments

  1. C'est de la folieMEMBER

    OK Guys afternoon question

    Workplace in Victoria, a load of punters who go through files comparing every last page on the file with a digital scan of that page.

    Their KPIs mean that they are turning over about 2-3000 pages per day. Clicking a computer as they go (page up or down on the digital record) with one hand, while turning the physical page over with the other.

    Some of them are getting issues with their shoulders and wrists

    Question for the health medical types.

    Is there a limit to the number of mouse clicks or page turns a punter should do in a day?

    Can anyone point to some guidance?

    • The Travelling Phantom

      How do you catch a ball?
      Edit: that was an answer when the post wasn only :
      ok guys question time

    • Is the answer to outsource it on a piece rate to international students??

      Why do the files need to be QC’d anyway.

    • drsmithyMEMBER

      I’m impressed they can verify a scanned page for accuracy in ~10 seconds.

      Even a Resume usually gets more attention than that. 🙂

    • Eddie Kongwak

      Old Army Service records.

      Would be on paper and in files up until 2016.

      Cannot be touched by foreign nationals. Must be scanned to National Archives standards – which means each page must be checked. Cannot be released to public without ‘wrong’ (some other person’s) pieces of paper taken out.

      It is happening in Canberra already – I think in Queanbeyan – and the Public Sector Union is onto it. It is also happening in the NSW Public Sector, big time.

      Cannot help with medical opinion on maximum number of hand or shoulder movements, but think the term you need is ‘pronation’ – excessive use leads to bursitis.

      Anons comment is right though – get contractors to do it. That said, it may be real difficult because some of those records would need security clearance to work with.

      EDIT: Those pages would need to be redacted too. Not a hope of doing 2-3000 of those a day if redaction is involved.

      • migtronixMEMBER

        Lol!! In 2002 I did a sh!tty gig in East Perth/Northridge.

        10pm to 7am

        Scanning mortgages for CBA 👀

        I was the stand out winner, I chewed through them motherfvckers

    • The best help they can be given is a vertical mouse.

      A vertical mouse allows you to hold the mouse like a beer can with fingers, wrist and arm in a natural relaxed state. A normal mouse, which is an instrument of Satan, requires the user to pronate the wrist and forearm, and the resulting sustained torque over time causes tingly sciatica pains up the outside of the arm to the shoulders and everything else. Sustained use over time will leave you crippled.

      All this can be solved by using by using a vertical mouse. I know this because I’m a software engineer and intensive mouse/keyboard user for over 40 years, and about 20 years ago I started going through the sciatica thing. A very good WH&S consultant pointed me at a vertical mouse, and my symptoms disappeared after a few months and never returned despite another 20 years of intensive mouse and keyboard usage.

      Also, short keyboards without the stupid numeric keypad on the right that nobody ever uses are helpful. The allow the mouse to be used with the arm perpendicular to the desk, rather than pointlessly rotated to the side,which eases shoulder strain.

      A vertical mouse will eliminate the workers problems. It takes about a week to get used to, and once accustomed they’ll never go back.

      • The Traveling Wilbur

        If only they’d apply the same design and fabrication logic to SAWs ‘eh? Beer in one hand, trigger button under the other, a55 on couch.

        Then my elbow wouldn’t get so sore.

      • RanganutsMEMBER

        I love my numpad, i love excel. I love smashing in numbers fast. Full sized keyboard4lyfe!

    • What about looking for an occupational therapist with a background in work related repetition injuries.
      OTs seem to be very smart and resourceful in my experience.
      I’ll ask around.

  2. New Zealand …

    Broker warns ‘poor will get poorer’ if Government introduces debt-to-income caps to stop monster mortgages (VIDEO)… Madison Reidy … Newshub New Zealand

    https://www.macrobusiness.com.au/2021/06/nz-property-market-powers-past-arderns-investor-tax-reforms/

    Green light for debt-to-income limits on housing investors … Jonathan Milne … Newsroom

    https://www.newsroom.co.nz/reserve-bank-gets-green-light-to-impose-debt-to-income-limits-on-housing-investors

    Finance Minister gives RBNZ debt-to-income tools; RBNZ says tightening loan-to-value ratio restrictions would be its first point of call should it need to do more to restrict mortgage lending … Jenee Tibshraeny … Interest Co NZ

    https://www.interest.co.nz/news/110868/finance-minister-gives-rbnz-debt-income-tools-condition-it-avoids-impacting-first-home

    Finance Minister Grant Robertson has agreed “in-principle” to give the Reserve Bank (RBNZ) debt-to-income (DTI) tools.

    These tools will enable the RBNZ to restrict banks’ mortgage lending based on a borrower’s ability to service their debt.

    The RBNZ hasn’t yet committed to implementing the restrictions, and will consult with the industry on the feasibility of doing so. … read more via hyperlink above …
    .
    .
    Following the 2007 / 08 crash, the UK Bank of England imposed a general Debt to Income (DTI) of 4.5 times … Ireland 3.5 times …

    Mortgage Measures | Central Bank of Ireland

    https://www.centralbank.ie/financial-system/financial-stability/macro-prudential-policy/mortgage-measures

      • SnappedUpSavvyMEMBER

        They think it’s cold and euro in hell Bourne but it’s really just a half there shyt hole

      • The Netherlands is the same. Only gets light after 9am and all. A couple of months at work without seeing daylight except on weekends. No wonder my parents moved to straya…

        • Honestly never seeing the sun made me quite depressed. I was told by a doctor to get a UV lamp for my desk to simulate sunlight. And to try and go outside once a day at Lunch time to get a bit of Vitamin D. I much much prefer living over here. I do miss Sydney weather over Melbourne, but compared to Ireland it’s not that bad.

          The 1 positive of Ireland was that in Summer it would be daylight until 11:30pm at night. I’d often be drinking with some mates at the pub and people would be like we’re off home now, I’d be like why it’s 6pm? Then I’d look at the clock and it was like 11:00pm at night on a Friday lol.. but it was still daylight..that was quite nice. But you’d really pay for it in winter.

  3. Just heard today that 42% of US workers are considering quitting and looking for a new job this year.
    A global microsoft survey found that globally 41% of the workforce are considering quitting.
    A survey in the UK found that number to be about 38%

    These are abnormally high by any time and measure.
    Anyone experiencing high number of people quitting and lower applicants?

    • Just advertised for a change manager (Health) – 119-130k Northern Rivers 12 month contract – 1 applicant. Surprisingly none from Syd or Bris

      • Sadly, I can say that I interviewed a number of times in Lismore… after about 8 interviews, I’ve got a feeling that the ads are spoken for, and it ain’t me.

        When you get “bottom of the barrel” excuses or, on the case of *******RH nearly 7 weeks of radio silence before they say that “oh, too bad so sad, you didn’t get it, but atta-boy for trying” – what else can you think it is?

        Would be but too happy to move, but sadly, just could not break into that Illuminati secret circle

    • I was in a weekly meeting with my boss two weeks ago and he was talking about the recent “spike” in resignations that had the CEO worried. While he was talking about this his phone beeped with a message from HR announcing a resignation! The next day one of my senior colleagues resigned. Going through a door yesterday one of my friends told me he’d just resigned. This is in a company with a history of very long term stable employment, so it’s pretty shocking to the management crew. I could tell them why it’s happening and what they’re doing wrong, but I don’t think they’d listen because they seem to have lost the plot.

      Which is one of the reasons why after 30 years with the same crew I’m currently planning my resignation. I’ll be finishing up next year.

      • migtronixMEMBER

        Feckless in its construction, we may be swayed, or may be returned to equilibrium. Or may

        Or and may are synonymous and a rhetorical device obscuring
        complacency

    • FMD…If ever there was an abuse of power. Jeez Barilaro is a cnt. They’ll be coming for me next I spose.

  4. Arthur Schopenhauer

    The Commonwealth give extra Pfizer does to Victoria, then takes away the extra required before the second dose can be administered. Merlino’s doing a good job calling it out.

    I’m with the AMA President, the feds are willfully incompetent.

    • The Pfizer finally arrived in my region and I’m getting it tomorrow. I had to fill in a quite comprehensive questionnaire after the apt was confirmed. They’d better have my second dose in 3 weeks time (providing I don’t have a me/cfs relapse bought on by the vaccine which is apparently rather common based on os self reported data)

      Anyway I have to watch these again before I get my shot
      https://www.youtube.com/watch?v=84QjVIMUTQY
      https://www.youtube.com/watch?v=cEgcg_zMAhQ

      • I’m not getting any of these vaxes due to safety concerns. The guy who invented mRNA vaccines has questioned the safety of the Covid vaccines due to their rapid introduction necessitating bypassing the usual testing protocols, and that’s good enough for me.

        • Fair enough, my boss who is 51 is waiting for Moderna. He’s got a very close contact who is quite involved scientifically with the vaccines and production etc and that was her advice to him. I’m in the age range to get Pfizer in Vic. The info dripping out of the UK and the US is that much higher percentages of unvaccinated people with ME/CFS that contract Covid than I am comfortable running the risk of, are having massive, most likely permanent, decreases in underlying health functions. People who were able to work now can’t, and that is 6-12 months after Covid infection. I am currently a productive member of society, I’ve just got my life to a space where I can live it as well as I can based on my health issues. At some stage they are going to let Covid rip through the country (once the borders are open most likely) and I don’t know when that will be. Therefore I don’t really have the luxury of choice of not getting vaccinated, so I might as get one of the vaccines that appears at this point in time, to be a better vaccine than the others. Also it is available right now, who knows if it suddenly won’t be? TBH I’m not happy about the situation I find myself in, and I would honestly prefer to wait 12 months before making a decision, but I don’t think that I can. I know I’m making a decision based on incomplete info, but I have to do the best I can with what info I have. And I do not want to run the risk of being permanently housebound if I get Covid unvaccinated. I fully expect to be sick for a while after the vaccine, and I expect it to take longer for me to recover than a normal person, but I should recover. Fingers crossed. F the people responsible for this whole pandemic.

          • Very sensible. Everybody’s risk assessment will be different, the important thing is to have made such an assessment rather than blindly getting the jab, or blindly not getting it. If the bug was rife and people in my age/health cohort were dropping like flies my assessment would change.

  5. migtronixMEMBER

    Corruption is a
    Crime concomittent
    With the concern of
    Autonomy

    Kill them all and let lot decide

    • reusachtigeMEMBER

      Yeah all good managers know that staff must have eyes on them all the time to keep them performing. In old mate above’s SBS movie Brazil the workers were extremely busy moving paper around the office until the boss went back into his office then they just watched their TV show. This is the reality of WFH. Bosses know it.

      • The Traveling Wilbur

        Thank goodness for all the activity monitoring software and hidden secondary cameras and open mics on work laptops these days.

        It’s almost enough to make me stop watching pr0n during working hours.
        Well, on the work device anyway.