Important economic events for the day include the release of Australia's Q2 GDP numbers. German Factory Orders and Eurozone Retail Sales data are due.
The Euro lagged following a downward revision to the August Services PMI, raising doubts about the next move from the European Central Bank .dropped to around 1.0700, reaching its lowest since June. The overall trend remains bearish. Additionally,also reached monthly intraday lows; it trimmed losses during the American session but remained below 1.2600.accelerated its upward momentum, breaking above 147.50, driven by higher Treasury yields. Intervention comments and speculations are likely.
. The pair peaked at 1.3671, the highest intraday level since November, before returning to 1.3620. The Bank of Canada will announce its monetary policy decision on Wednesday, with no changes expected.We look for the Bank of Canada to keep the overnight rate at 5.00% as slowing activity data and moderating labour markets allow the Bank to look past stronger CPI. We do not expect any material change to the Bank's guidance as they will keep hikes on the table going forward.
The Aussie lagged on Tuesday after the Reserve Bank of Australia kept its interest rate unchanged as expected and mentioned downside risks to the economy.broke below 0.6400, reaching its lowest level since November. On Wednesday, Australia will release Q2 GDP growth data.suffered its worst daily losses in weeks due to a stronger US Dollar. The pair dropped below 0.5900 and bottomed at 0.5859.ended its consolidation phase with a decline from nearly $1,940 to $1,925.
prices jumped on Tuesday after Russia and Saudi Arabia announced an extension of their unilateral production cut. The WTI reached $88.00 for the first time since November before trimming gains.
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