It’s been a scratchy session, says NAB’s David de Garis, as markets shy away from sharp moves ahead of Friday’s payrolls data from the US.

Reopening and vaccines are helping economies, but the Delta variant is still a concern for markets says NAB’s Rodrigo Catril, explaining today’s sideways moves.

Risk appetite retreats a little ahead of the non-farm payrolls on Friday and with the Delta strain delaying the reopening of economies, says NAB’s Tapas Strickland on today’s Morning Call podcast.

The impact of the latest lockdown and Biden’s stimulus backflip. NAB’s Ray Attrill on two bits of news for markets to respond to this morning.

Equities driven higher by Biden’s infrastructure plan deal. NAB’s Gavin Friend says bond markets were unmoved by Fed speakers suggesting higher inflation for longer and rate rises sooner.

Bond yields are back to where they were before the FOMC meeting, says NABs David de Garis, with the focus now back on the reflation trade.

The global reflation trade is not dead, says NAB’s Ray Attrill, as Fed speakers help markets further unwind their response to last week’s FOMC.

Last week’s post FOMC sell-off was overdone, says NAB’s Tapas Strickland on today’s Morning Call podcast, evidenced by a big reversal overnight. Although markets remain jittery.

Sharp market moves last week with the expectation of faster Fed rate hikes and an unwinding of the reflation trade. The Aussie dollar has been caught in the storm, says NAB’s Rodrigo Catril.