Friday 17th July 2020
There have been a lot of employment numbers out over the last 24 hours – for the US, the UK and Australia. NAB’s Gavin Friend reiterates that government job support programs muddy the waters, but looking at hours worked shows that Australia is better positioned than the UK. China has shown a strong recovery in GDP, but retail sales are the Achilles heel. Meanwhile, all eyes will be on the EU leaders meeting over the weekend. The ECB’s Christine Lagarde gave the strongest hint yet that an agreement will be reached sometime, with grants and loans. That could be a game changer for the Euro.