1. Forex Preview: AUD Edges Higher on Strong Home Loans Data
The Australian dollar edged higher today after some very robust Home Loans data early this morning while the USD continued to trade subdued after Friday’s miss on the NFP headline numbers. The euro held its ground slightly above the 1.10, but the ECB meeting is looming over and could expose further weakness towards the end of the week. European Central Bank policymakers are expected to deliver new stimulus to bolster a flagging regional economy on Thursday, which could push the EUR to new lows.
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2. Markets Higher on False Hopes?
Imports and exports in China continued to show that a contraction in the global economy is further extending. Meanwhile, bond markets have been clearly showing now their negative expectations for a while now. However, markets are still clinging to an optimistic view with market participants now hoping for more stimulus by the world’s central banks. Bourses in Asia headed mostly higher today while in Europe markets were mixed as monitor ongoing political chaos in the U.K.
3. Oil Prices Edge Higher
Oil prices rose more than 1% this morning on expectations that Saudi Arabia, the world’s largest oil exporter, will continue to support output cuts by OPEC and other producers to prop up prices under new Energy Minister Prince Abdulaziz bin Salman.
4. Gold Holds Above $1500, BTC Tumbles
Gold prices slipped on Monday fighting with market optimism over possible stimulus but still managed to hold above the key $1500 level. Elsewhere, BTC fell below the 10.2k level and looks rather heavy suggesting a possible test of the 10k level downwards.
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*Reuters Sept 9, 2019 3:53 AM ET
**CNBC Sept 9, 2019 2:48 AM ET
***Investing Sept 9, 2019 05:20 AM ET