Daily update
The report that started the day off was the Retail sales from Australia which came out positive, it was expected to remain stable but ended up climbing to 0.4% from 0.0% which caused the AUD to strengthen. Europe’s Market Service PMI was next and it came negative which weakened the currency and as it declined making way for opposing currencies to strengthen. The rest of the evening was occupied by US reports starting with ADP employment change that came out negative which indicated that the overall consumer spending of the US population had decreased. Next the trade balance reports came out negative as well which is used to identify whether the trade in the US is at a deficit or surplus. Finally the market service PMI, Factory Order and Finally the ISM Manufacturing PMI came out positive which subsequently strengthened the USD against the EUR and GBP due to the ISM Manufacturing PMI coming out positive, it is reported that it has raised the expectations of a FED rate hike in its next session. AUD Trade balance Today we will be receiving the Trade balance report from Australia which is the difference between the import against exports to estimate if Australia is currently at a surplus or deficit in trade. ECB Monetary Policy Meeting Minutes will be the highlight of the day where they would analyze and take a look at the overview of the financial and economic market as well as the monetary development of the Euro Zone Finally, the day will end with US releasing the Initial Jobless Claims where it measures the number of people filling for first-time for state unemployment insurance and then followed by Performance of Construction Index released from Australia which is an indicator that measures the conditions on the short and medium term in the construction market.Yesterday’s markets
Yesterday explained
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