Heading Up Table Mountain
Friday 1st September 2023
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Speaking in Cape Town the Bank of England\u2019s Huw Pill has likened their policy approach to Table Mountain, with interest rates remaining flat for some time before falling away quickly. So, does he mean they\u2019ve reached the summit. It seems likely that the ECB is still in the cable car on the way up, with inflation remaining persistent. NAB\u2019s Ken Crompton says markets have priced in only one more rise, which is a bit optimistic he suggests. The Aussie dollar has been helped by positive capex figures locally yesterday, together with more positive signs from China, including an improvement in PMIs. The key number today, of course, is non-farm payrolls for the US. The markets will be very responsive to any surprises.
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