Friday 22nd January 2021The ECB changed nothing overnight, with President Lagarde saying risks remained on the downside. NAB’s Gavin Friend says German bond yields rose as she suggested the full extent of the €1.85 trillion Pandemic bond purchase might not be required, although she also said it might, or there might even be a requirement for more. There’s also discussion on the impact of Joe Biden’s first day in office, and Janet Yellen’s words on China and currency manipulation. Australia jobs numbers didn’t disappoint, and today is PMI day, for the UK, Europe and the US.

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