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Big moves based on small bits of hope

Friday 2nd November 2018

The US dollar staged a swift reversal overnight, with the spot index falling significantly. We’ve also seen US stocks on the rise, along with significant leaps forward for the Aussie dollar and the pound, whilst oil falls sharply. Some of these falls can be accounted for by cold hard fact – like Australia’s surprisingly strong balance of trade numbers yesterday – but, as NAB’s Tapas Strickland explains, much of it is based on rumours and hope. For example, rumours that a deal how been struck for London’s financial sector post-Brexit, and hope that China and US are close to a resolution on their trade disagreements. Today, of course, could bring a different story.

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