It has been another mostly steady day on Tuesday although Sterling is currently lower end of a rather choppy session, after the UK government finally approved the PM Boris Johnson’s Brexit Bill but then rejected his time table for doing so before 31st October. Right now it looks as though the EU nations are going to offer the chance of delaying Brexit until January 2020 although the situation is very fluid and things are moving quickly as we head towards the divorce date, with BJ vowing to press ahead with a 31st October exit.
Most FX pairs, aside from Sterling have been very quiet although the US$ is generally a little bit stronger.
Stocks and the metals have moved in a tight, sideways range while WTI is up by around 1.5% as traders focused on a report that OPEC might consider deeper supply cuts when it meets in December.
Wednesday will see a very quiet calendar with hardly any market moving data, leaving it to politics and trade headlines to provide any directional move. The NZ Trade Balance is coming up (exp $-1.12bio/mm, $-5.49bio/yy) as is a speech from the RBA’s Kent. That aside there will be nothing from Europe apart from the Preliminary EU Consumer Confidence, while the US session will have just the August House Price Index and the EIA Crude Oil Stocks Weekly Change to contend with.
Economic data highlights will include:
Wed: NZ Trade Balance, RBA’s Kent Speech, EU Consumer Confidence, US House Price Index, EIA Crude Oil Stocks Weekly Change
Market moves, in brief:
FX: DXY 97.45 (+0.13%)
Bonds: US10Y; 1.769% (-1.99%), German 10Y; -0.368% (-7.38%), UK 10Y; +0.623% (-6.99%), Australian 10Y; 1.178% (+1.52%), NZ 10Y; 1.341% (+4.36 %), China 10Y; 3.203% (-0.41%)
Stock Indices: DJI; -0.08%, S+P; -0.06%, NASDAQ; -0.71%, EUStoxx50; +0.13%, FTSE100; +0.68%, Shanghai Composite; +0.50%,
Metals: Gold $1488 oz (+0.3%), Silver $17.53 oz (-0.23%), Copper $2.636 lb (-0.40%), Iron Ore $90.53 per tonne (NYMEX) (-0.06%),
Oil: WTI $54.37 pb (+1.47%)
|INDICES / COMMODITIES|