The Aussie Dollar takes another hit this morning. With stats on the lighter side on the day ahead, the focus will remain on Brexit and monetary policy.
The economic calendar was on the lighter side through the Asian session this morning. Key stats included 3rd quarter BSI Large Manufacturing Conditions figures and September consumer sentiment numbers out of Australia.
The BSI Large Manufacturing Conditions Index increased from -10.4 to -0.2 in the 3rd quarter.
The Japanese Yen moved from ¥107.562 to ¥107.564 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.05% to ¥107.59 against the U.S Dollar.
The Westpac Consumer Sentiment Index fell by 1.7% to 98.2 in September, partially reversing a 3.6% rise in August. According to the Westpac report,
The Aussie Dollar moved from $0.68628 to $0.68530 upon release of the figures. At the time of writing, the Aussie Dollar was down 0.15% to $0.6851.
The deterioration in consumer sentiment will be of concern to the RBA, who continues to raise uncertainties over household spending.
At the time of writing, the Kiwi Dollar was down by 0.22% to $0.6412.
It’s a quiet day ahead on the economic calendar, with no material stats due out of the Eurozone today. A lack of stats will leave the markets to consider how far the ECB and FED will go to appease the markets’ demands for support.
On the geopolitical front, Brexit chatter will continue to be in focus, with time running out for British Prime Minister Johnson.
At the time of writing, the EUR was up by 0.05% to $1.1048.
It’s also a quiet day ahead on the data front. There are no material stats to provide the Pound with direction through the day.
With the BoE monetary policy decision next week, the markets will have an opportunity to consider the stats from the start of the week. Brexit uncertainty continues to pressure the Pound and the UK economy, however, which questions what lies ahead. With a stalling economy and a possible further extension to Brexit, can the BoE continue to stand pat?
On the geopolitical front, Brexit chatter will ultimately be the key driver on the day.
At the time of writing, the Pound was down by 0.02% to $1.2348.
It’s a relatively quiet day ahead on the economic calendar, with data limited to August wholesale inflation figures.
Any pickup in inflationary pressures will likely have a relatively muted impact on the Greenback. A modest pickup in inflationary pressure is unlikely to change the FED’s course on monetary policy.
At the time of writing, the Dollar Spot Index was up by 0.04% to 98.366.
It’s a quiet day ahead on the economic calendar, with no material stats due out of Canada.
The lack of stats will leave the Loonie in the hands OPEC and crude oil prices later this afternoon. While hopes of the U.S and China making progress in trade talks are positive, OPEC’s production intentions and outlook on demand will influence on the day.
The Loonie was up by 0.05% at C$1.3146, against the U.S Dollar, at the time of writing.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.