Brexit Brinkmanship and the Melbourne effect
Tuesday 8th September 2020A drop in the pound was the only significant market move today, driven by threats from Boris Johnson to walk away in mid-October if he doesn\u2019t get the Brexit deal he wants. Normally such remarks are taken as brinkmanship as negotiations near the finish line, but today there was a market reaction \u2013 perhaps because there\u2019s little else to go on. Data from Australia today will give a clear indication of the impact of the Melbourne lockdown on other states \u2013 the NAB Business Survey for August and the weekly payrolls numbers. NAB\u2019s Tapas Strickland also talks through a Bloomberg survey showing the expectation for further rate cuts and increased bond buying from the RBA.
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