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New trade hope, no smoking gun, more Brexit noise

The markets reacted positively to indications from President Trump that a trade deal with China could be close. NAB’s Tapas Strickland tells Phil Dobbie that the dollar and equities rose on this news, together with the release of the phone transcript which showed no smoking gun for the impeachment of the US President. Nonetheless, the proceedings are likely to continue and could have repercussions. The pound was the biggest loser, with Boris Johnson addressing a rowdy UK parliament, and reiterating his intention to leave the EU next month.  There’s also discussions about escalating trade tensions between the US and the EU, a surprise resignation from the ECB board and the rising expectation of an RBA cut next month.

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