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FBAA Newsletter - 24th August 2021
FBAA CEO hits back at claim that brokers are leaving the industry
The CEO of one of the peak bodies for mortgage brokers in Australia has hit back at claims that mortgage brokers are leaving the industry.
Peter White OAM, CEO of the Finance Brokers Association of Australia (FBAA), told Australian Broker that, contrary to recent claims in the media, the total number of active mortgage brokers was actually going up.
“We have done research and data that proves that the industry is growing, and the vast majority of our growth is from people outside the industry,” said White.
Your Weekly Market Update
The AUD has continued its weekly decline against the majors and broke a critical level of support against the USD. The Delta variant continued spreading which hit the currency markets and the ASX which endured 5 straight days of losses.
Another nail in the AUD’s coffin is that Iron Ore prices have moved sharply lower, and analysts predict that the worst is yet to come as China, Australia’s iron ore number 1 buyer, is stating that steel production must be reduced for the rest of 2021.
AUD - USD
Last week the AUD dropped to the lowest level against the USD since November with many analysts predicting the fall below 0.70 will happen this year. As Australia continues to battle with COVID, the US has done a great job vaccinating and opening back up.
The Federal Reserve is beginning to talk about tapering their bond-buying program, a sign of strength that the world’s largest economy can now stand on its own. However, the Fed will be monitoring key economic indicators to ensure the economy continues to make progress towards its dual mandate.
(Published by SendFX – 23/08/2021)
https://partner.sendfx.com.au/fbaa/