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Market Summary 2019-09-04

Market Briefing

Australia’s central bank held interest rates at their record low on Tuesday, with rate-setters pointing to early signs of a turnaround from the country’s economic slowdown.

US stocks fell as there was a level of trade uncertainty with the first contraction in America’s manufacturing sector in three years unnerved investors.

Conservative rebels defeat Johnson’s Brexit strategy leaving Britain on the brink of a general election and the Tory party in a state of disintegration.

Australia’s second quarter GDP will be announced with the market expecting a 0.5% quarterly growth and 1.4% advance yearly basis. If the economy has grown at 1.4% annual pace, it will be weakest growth in almost two decades.

GBP/USD: The pair has been volatile trading around 1.2100 despite the anti-no-deal Brexit MP victory at UK’s parliament. 

EUR/USD: Recovered from a fresh yearly low on the back of disappointing US data.  

AUD/USD: The pair has begun to stabilize following poor US data and a helping hand from the Reserve Bank of Australia.

Today’s News

Server TimeHK TimeCurrencyDescriptionExpectation
4:309:30AUDGDP q/q0.5%
15:3020:30CADTrade Balance0.2B
16:1521:15GBPInflation Report Hearings-
17:0022:00CADOvernight Rate1.75%
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