NAB – The Morning Call · Bank of Canada on pause, ECB unlikely to do the same

Bank of Canada on pause, ECB unlikely to do the same

Thursday 9th September 2021

As expected, there were no moves from the Bank of Canada overnight, but NAB’s Gavijn Friend says the same will not be true for the ECB tonight. They will cut back on bond buying, he says. In fact, it’s taken longer than expected. Currency markets have been fairly quiet, with most moves happening in equities, which have adopted a more cautious air. The Fed’s Beige Book reflected some of this caution, with many consumers wary of eating out or going on holiday for fear of catching the Delta variant. There’s a rising delta between job advertised and employment, with the JOLTs figures showing 10.9 million openings in the US. Boris Johnson pushed ahead with his bold move of lifting taxes in the last few hours, running the risk of slowing a recovering economy. Today, Aussie weekly payrolls, China’s CPI and a speech from the RBA’S Guy Debelle.

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