It has been a thin session due to US markets being partially closed for George Bush’s funeral and most products are not too far removed from yesterday’s levels. Of note on Wednesday, the Aud$ is lower, dragging the Kiwi with it, following ongoing selling pressure on the back of yesterday’s poor GDP reading, while Sterling has bounced around in choppy trade as conflicting Brexit headlines come to market. Overall Cable is best left alone. Otherwise, the US$ is steady, as are stocks and the metals, while WTI has also been choppy but is ending the day pretty much unchanged at 53.00pb ahead of today’s OPEC Meeting.
Looking ahead to Thursday, the Australian Retail Sales (exp 0.2%mm) and Trade Balance (exp $3.2 bio) are both coming up, while the Fed’s Quarles will be speaking during the Asian session. The RBA’s Debelle will be speaking during European trade but the EU is otherwise a thin calendar, with just the German Factory Orders for October on the agenda. The US though will be busy, with the market looking for clarification from Fed Chair Powell of his surprisingly dovish tilt of last week. The ADP Jobs data (exp 195K), weekly Jobless Claims, Non-Mfg ISM and Factory Orders are also due.
Economic data highlights will include:
Thur: OPEC Meeting, Australian Retail Sales, Trade Balance, German Factory Orders, US Jobless Claims, Factory Orders, ISM Non-Mfg PMI, ADP Jobs data, Jobless Claims, Fed speakers: Powell, Bostic, Williams
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