Pound News: Sterling Rebounds from Week of Steep Losses
The Pound recouped some of its recent losses yesterday despite persistent Brexit jitters haunting GBP exchange rates.
UK growth and business investment data printed better than expected, offering limited support for Sterling.
Markit’s September UK manufacturing PMI will slip into a spotlight otherwise dominated by Brexit news today, with a slump in domestic factory growth potentially dragging on GBP exchange rates.
Euro News: Disappointing German Data Pushes Euro Lower
The Euro could face another week of losses if fresh German data disappoints and fuels fears for an economic slowdown in the bloc’s powerhouse economy. Yesterday’s negative German retail sales data and an unexpectedly slow inflation rate have already weighed on the single currency.
If today’s German manufacturing PMI continues the negative trend, the Euro is likely to suffer further losses.
US Dollar News: Safe Haven Demand Buoys US Dollar
An appealing US Dollar benefited from its safe-haven status yesterday as perceived uncertainties surrounding the US-China trade relationship saw the American currency strengthen against many of its rivals.
A week of key US data could undermine these gains if the figures disappoint, starting with today’s September US manufacturing PMI from ISM.
Canadian Dollar News: CAD Resilience Limited by Falling Oil Prices
The Canadian Dollar proved to be one of yesterday’s more resilient currencies, supported by expectations for cautious optimism from the Bank of Canada (BoC). However, a drop in the price of crude oil – Canada’s biggest export – saw CAD fall overall.
Canada’s influential growth rate will be published today, with disappointing July data likely to bolster the case for a BoC rate cut, weakening the Canadian Dollar in turn.
Australian Dollar News: Australian Dollar Plunges on RBA Rate Cut
The Australian Dollar struggled yesterday amidst predictions for a Reserve Bank of Australia (RBA) rate cut. As anticipated, the RBA eased its monetary policy this morning, slashing interest rates to a record low of 0.75% in an attempt to support the ailing Australian economy.
AUD fell further following the central bank decision, but an upcoming speech from RBA Governor Philip Lowe today could offer the ‘Aussie’ some direction.
Tuesday, 1st October
Australian Manufacturing PMI
02:30 Australian Building Permits
05:30 Reserve Bank of Australia (RBA) Policy Decision
08:50 French Manufacturing PMI
08:55 German Manufacturing PMI
09:00 Eurozone Manufacturing PMI
09:30 UK Manufacturing PMI
10:00 Eurozone Inflation Rate
13:30 Canadian Growth Rate
14:30 Canadian Manufacturing PMI
15:00 US Manufacturing PMI