– Stocks in Asia are trading higher today in an attempt to catch up with gains made during yesterday’s Europe and US session. Kospi is outperformer gaining over 1% while Chinese indices are laggards
– European futures are trading slightly above yesterday’s closing prices. US futures trade flat
– RBA Governor Lowe said that the Australian central bank is likely to terminate the QE programme in 2022. Lowe also said it is difficult to understand why markets expect rate hikes in 2022 and 2023
– Situation on the cryptocurrency market calmed after yesterday’s wild swings. Coins rallied yesterday after Litecoin said Walmart will start accepting payments in the cryptocurrency. However, it turned out it was a fake news and gains were erased
– Nicholas has been upgraded from ‘tropical storm’ to ‘hurricane’ and is expected to make a landfall in Texas within hours
– US Trade Representative Tai spoke with South Korean Trade Minister Yeo on working together to address chip shortage and boost resilience of supply chains
– Japanese industrial production dropped 1.5% MoM in July, in-line with expectations
– Precious and industrial metals pull back while oil and agricultural goods gain
– EUR and GBP are the best performing major currencies while AUD lags following speech from RBA Governor Lowe
AUDUSD deepens downward move following remarks from RBA Governor Lowe. Aussie is testing a support zone at 0.7340. In case we see a break below this hurdle, attention will shift to the recent low in 0.7100 area.
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