Jackson Hole focus on jobs; Yellen's option of early rate rises; Draghi faces deflation; Japan says that is behind it; ASIC seeks tough financial planner sanctions; NZ$1 = US$0.84, TWI = 79.2

Here's my summary of the key news over the weekend in 90 seconds at 9 am, including news of the central banker talk fest at Jackson Hole.

Pressure is building within the Federal Reserve for officials to move as early as next month to more clearly acknowledge improvements in the American economy and lay the groundwork for the central bank’s first interest rate hike in nearly ten years.

Although the core message from Janet Yellen at the Jackson Hole meeting is that US labour markets still have further to heal before they can weather higher interest rates, Yellen did leave the door open to earlier rate rises.

Also at the meeting was ECB boss Mario Draghi who is facing a totally different situation. Deflation is an imminent danger, and some member states in the eurozone are preparing to abandon their agreed deficit targets. Even Sweden is contemplating that. Adding to their woes are the volatile Ukraine situation, and now a renewed volcanic ash threat from Iceland.

Japan on the other hand says it is finally escaping their deflation trap.

Closer to home, a key policy personality in Australia is claiming Aussie house prices are 20-30% overvalued and the risks of a painful correction are serious.

And staying in Australia, ASIC is seeking tough powers to allow it to take action against bank managers - "the people who are driving the business" - when their financial planners dupe customers. It also wants legal changes to allow it to change the design of financial products to remove conflicts of interest that are plaguing the advice industry.

UST 10yr benchmark bond yields are basically unchanged at 2.40%.

The US oil price remains soft and is just over US$93/barrel. Brent is also basically unchanged and just over US$102/barrel. Gold had a small bounce over the weekend and is now at US$1,280/oz.

We start the new week on the currency front virtually unchanged from Friday morning. We are just below 84 USc, 90.2 AUc, and the TWI is at 79.2.

If you want to catch up with all the changes on Friday we have an update here.

The easiest place to stay up with today's event risk is by following our Economic Calendar here »