Forex traders will focus on final Services and Composite PMI data out of the Eurozone with releases on nine different components across the continent. Monday’s Manufacturing PMI data confirmed previous readings for August and economists anticipate the same for today’s set of data. Key Eurozone retail sales for July will also be released where a monthly contraction is expected. What impact will this have on the EURAUD which is currently in the midst of a sell-off? This morning’s fundamental analysis will take a look at the downside potential...
Pound sterling hit its lowest level since January 2017 amid growing investor concern over Brexit without a deal, while warring British lawmakers continued to struggle to control negotiations on leaving the European Union.
The Reserve Bank of Australia, as widely expected, kept its key interest rate unchanged at 1.00% which kept the Australian Dollar at support levels near a decade low. Despite the ongoing trade war, the economic dependence on China and the overall slowing global economy, Australia managed to print a better than expected current account surplus in the second-quarter while the first-quarter deficit was revised higher. Consumer confidence rose in the latest weekly survey, but retail sales for July posted a surprise contraction. Did bulls get...
On Monday, the Japanese yen strengthened due to increased investor appetite for safe-haven assets, as Washington and Beijing introduced additional export tariffs for each other, reinforcing the gloomy tones hanging over global economic prospects.
Forex traders will start the new trading week with the final reading on August manufacturing PMI reports from Spain through Germany and the Eurozone as a whole. Economists anticipate no change from the previous data. The US and China have implemented their latest round of tariffs on each other yesterday, which will further disrupt the global supply chain. China seeks to diversify away from the US, will Europe be able to pick up the demand which will boost manufacturing across the continent? How will this impact the EURCHF which has been...