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’t 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 – perhaps because there’s little else to go on. Data from Australia today will give a clear indication of the impact of the Melbourne lockdown on other states – the NAB Business Survey for August and the weekly payrolls numbers. NAB’s 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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