The RBA looks set to hold on rates near-term. For the day ahead, a lack of stats will leave the markets exposed to any trade war chatter.
It a particularly quiet Asian session on the economic calendar through this morning.
There were no material stats to provide direction through the early part of the day.
On the monetary policy front, the RBA meeting minutes provided the Aussie Dollar with direction.
Salient points from the RBA meeting minutes included:
The Aussie Dollar moved from $0.67643 to $0.67672 upon release of the minutes. At the time of writing, the Aussie Dollar was up by 0.04% to $0.6767.
At the time of writing, the Kiwi Dollar was down by 0.03% to $0.6409, while the Japanese Yen was up by 0.05% to ¥106.59 against the U.S Dollar.
It’s another relatively quiet day ahead on the economic calendar. German wholesale inflation figures for July are due out later today.
Barring a marked pickup in wholesale inflationary pressures, we expect the numbers to have a relatively muted impact on the EUR.
Any updates from Beijing or Washington on trade talks will impact as the EUR struggles following last week’s dovish ECB chatter.
At the time of writing, the EUR was up by 0.08% to $1.1087.
It’s a quiet day ahead on the data front. August CBI industrial Trend Orders are due out of the UK this afternoon.
With stats on the quieter side, we can expect the Pound to be sensitive to today’s figures.
While the Pound will respond, any chatter on Brexit will likely overshadow today’s figures.
At the time of writing, the Pound was up by 0.05% to $1.2132.
It’s a particularly quiet day on the economic calendar. There are no stats due out of the U.S later today to provide the Dollar with direction.
The lack of stats will leave the Dollar sensitive to any chatter from Washington. The administration has now extended another olive branch, suggesting that concerns over the economic outlook are testing Trump’s resolve… That could all change rapidly, however.
At the time of writing, the Dollar Spot Index was down by 0.02% to 98.325.
It’s a relatively quiet ahead on the economic calendar. Manufacturing sales figures for June are due out later this afternoon.
Any response to the stats will likely be short-lived as market sentiment towards the global economic outlook and trade remain key drivers.
The Loonie was up by 0.01% at C$1.3323, 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.