Markets cling on to stimulus hopes, but maybe after a Biden victory

Friday 9th October 2020Donald Trump continues to talk about a stimulus deal, even though he said it had been shelved. But NAB’s David de Garis reckons its highly unlikely anything will be done before the election, an election with Joe Biden stands an increasing chance of winning. The minutes of the September ECB meeting showed concern over the EUR exchange rate, which could present “a risk to both growth and inflation”. Today’s GDP numbers for the UK are likely to show some growth in August as the hospitality industry kicked back into gear, but pubs and restaurants are facing more closures now as infection numbers rise. And the NZ dollar has been losing ground as the RBNZ Assistant Governor raised expectations for negative interest rates next year.

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