Tuesday 29th September 2020
US and European equities rose sharply, with rising confidence seeing a fall in the US dollar and a rise in the Aussie. The reports that the US President has paid very little in tax might provide some fodder for Joe Biden in the TV debate and NAB’s Tapas Strickland says it could influence undecided voters. Whichever way you look at it, it’s going to be a messy election. Meanwhile, the pound has gained in hopes of a Brexit deal, which has offset any concerns about further lockdowns in the UK. The gains in the Aussie dollar will be partially influenced by an expectation that the RBA won’t cut rates next week, waiting instead till November.