Daily Update - 4th October 2017
Aussie dips mildly after RBA left interest rates unchanged at 1.50% today as widely expected. In the accompanying statement, RBA Governor Philip Lowe noted that recent data are "consistent with the Bank's expectation that growth in the Australian economy will gradually pick up over the coming year." The Euro and Pound remain under massive pressure from the stronger U.S Dollar in the wake of good economic reports from the States. Construction PMI results from the U.K faltered today with a negative result. But the FTSE 100 is up marginally in early trading. While manufacturing numbers from Europe and the U.K proved unimpressive yesterday, tomorrow Services PMI numbers will be released and get a chance to create broad market action. On Wednesday, a flurry of services PMI reports from the Euro area economies will be reported ahead of the Eurozone retail sales, while the UK services PMI data will emerge the main risk event for the EUR, GBP traders ahead of the US ADP jobs and ISM non-manufacturing PMI reports slated for release later today. Apart from data, speeches from the major central bankers’ will be closely eyed, with ECB’s Draghi’s speech at the inauguration of the ECB Visitor Centre in Frankfurt, volatility in the markets can be expected during his speeches because traders make an attempt to decipher clues on the direction of interest rates in the future., BoE Dep Gov Sam Woods gives a Speech at Mansion House, London. From US, Fed Chair Yellen is scheduled to deliver the opening speech at the community banking conference that is hosted by the St. Louis Federal Reserve Bank. Markets often turn volatile during her speeches as traders look for interest rate clues.Yesterday’s Focus
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