Falling production, higher prices turns sentiment around
Wednesday 1st September 2021Markets have lost their optimism overnight. China\u2019s PMIs came in softer than expected and Canada\u2019s GDP, expected to grow, actually fell. Add falling consumer confidence in the US and there;s plenty of numbers for those looking at the glass half full. Inflation reared its ugly head again too, with Europe\u2019s CPI read much more than anticipated, which could present a headache for the ECB, who had signalled that their emergency bond buying would continue through to next year. Ina amongst all of this, the Aussie and Kiwi dollars rose. NAB\u2019s Ray Attrill says it\u2019s telling as to how much pessimism and bad news was already priced into both these currencies.
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