UK and Europe move from bad to worse, RBA today

Tuesday 6th September 2022

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It’s RBA day today. NAB’s Ivan Colhoun talks through what to expect, whilst Ray Attrill looks at the worsening situation in the UK and Europe. Gas prices have risen after the closure of the Nordstream pipeline, and oil prices are also on the rise after OPEC+ agreed to production cuts from next month. We’ve also seen a revision in PMIs in Europe, with the UK services PMI moving into contractionary territory. Signs of resilience are quickly disappearing. It’s a different story for the US, though, where ISM numbers are expecting to stay above 50, adding to the pressure the US dollar will place on other major currencies.

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