Wednesday 29th July 2020

The US is no nearer reaching agreement on their fiscal stimulus package. NAB’s Tapas Strickland says its highly likely that some of it will be addressed before recess, so GOP candidates don’t go out campaigning ‘empty handed’. Otherwise the USD could be heading for a sizeable fiscal cliff. Meanwhile, COVID cases are rising in many US states, even if Florida and California are, possibly, reaching a plateau. Consumer confidence fell in the US in June, just as Australian job numbers fell. The only positive news is for those holding quantities of gold and those in New Zealand, where job numbers rose in June.