3 Things you need to know about today’s Markets:
EU Markets Open Lower
Gold Hits 1-week High
1. Aussie Dips on RBA Decision to Keep Rates on Hold
According to CNBC, the Australian dollar slipped in early morning trade, after the Reserve Bank of Australia’s (RBA) largely expected decision to keep its monetary policy on hold. The RBA kept its cash rate unchanged at a record low of 1.50 percent, citing recent promising upticks in international trade and industrial production. The Australian dollar slipped following the RBA’s decision and was last seen trading 0.5 percent lower at 0.7568 USD as of 6:30 GMT.
2. EU Markets Open Lower
Markets started the day mostly lower on Tuesday as investors focused on an upcoming meeting between U.S. President Donald Trump and China’s President Xi Jinping, according to CNBC. Investors remained largely on the sidelines, taking a cautious approach ahead of the U.S.-China summit. It should be noted that president Trump stated that the upcoming meeting would be a difficult one since the US can no longer have massive trade deficits.
3. Gold Hits 1-week Highs on a Weaker Dollar
Gold prices hit one-week highs on Tuesday, according to Bloomberg. The precious metal was buoyed by a weaker dollar which slipped on tepid economic data from the United States. Specifically, a measure of U.S. manufacturing activity retreated from a two and a half year high in March amid a decline in production and an inventory drawdown. Investors also sought to trade the safe-haven asset amid worries over geopolitical tensions between China and the U.S. It should be noted that Gold futures were last seen trading 0.4 percent higher at 1,285.65 as of 6:30 GMT, hitting their highest mark since March 28, according to investing.com.
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