Markit PMIs show US manufacturing has contracted, whilst in Europe it remains in a slump but hasn’t fallen as far as anticipated. The pound has enjoyed some renewed vigour on hopes that a Brexit deal will be reached. That sentiment could change rapidly, of course. But, as Phil Dobbie discusses with NAB’s Alex Stanley, all eyes will be on Jackson Hole tonight, when Jerome Powell speaks. Will he give any clear direction, given the divisions within the Fed about what to do next?