Delta’s day off

NAB Morning Call · Jul 11, 2021 · 14m

Monday 12th July 2021For most of last week markets grew increasingly cautious about the spread of the Delta variant and fears of further lockdowns in major economies, Australia included. On Friday, though, that all changed, with bond yields rising, equities breaking new highs, the US dollar back on the rise, but the Aussie also doing well along with other commodity currencies. This morning, NAB’s Ray Attrill looks for reasons behind the shift in sentiment, including better credit numbers from China and a more extensive and sharper than expected cut in the reserve requirement ratio for Chinese…