NAB – The Morning Call · Brexit Brinkmanship and the Melbourne effect

Brexit Brinkmanship and the Melbourne effect

Tuesday 8th September 2020

A drop in the pound was the only significant market move today, driven by threats from Boris Johnson o 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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