Morning Markets: US data send investors back to gold
- Germany: Industrial Production (0600 GMT)
- UK: NIESR GDP Estimate (1400 GMT)
- US: Job Openings (1400 GMT)
- Asian shares traded mixed on weak US data and waning US rate rise hopes
- Australia's economy grew 0.5% in the second quarter, 3.3% over the year
- This marks Australia's fastest annual growth since 2012
- It also means Australia has been recession-free for 25 years
- Nikkei trades lower after massive downgap at open
- An August fall in Australian house building pushed the construction sector into contraction
- Spot gold is up 0.2% after jumping 2% overnight
- Fairfax Media formalised a deal to merge NZ operations with APN spin-off NZME
- USD was hit by a much weaker than expected US ISM non-manufacturing print
- AUD gained nearly a cent against the USD and could hit 0.77 by the weekend
- AUD was 0.7673 against the US dollar at 0600 GMT
- USDJPY tumbles below 101.25 as poor US data hit rate hike hopes
- EURUSD gains nearly one big figure following weak ISM release
From the Floor
FX risks. “There is a lot of event risk, particularly in sterling, loonie, and the US dollar crosses,” says Van-Petersen.
ECB meets. “ECB tomorrow – if there’s a currency that could fall against the dollar, it would be the euro,” says Hardy.
Get all the latest from Saxo Bank's trading floors in From the Floor, within the hour.
The recent downshift in growth in annual industrial output in Germany is expected to edge lower, pointing to softer growth overall, writes James Picerno.
Donald Trump is bellowing about China as the number-one trade culprit, but what do the economists say, asks Stephen Pope.
Weak US services data pushed down the dollar and makes a September rate hike much less likely, writes the Saxo APAC Sales Trading team.
Dollar bears down under
With commodity prices holding up it's onwards and upwards for the Aussie and Kiwi dollars, says Max McKegg.
US presidential candidate Donald Trump has lashed out at the Fed, saying that it is creating an asset bubble for political reasons ahead of the election writes Michael McKenna.
as the data don't live up to the hopes and headlines. Photo: iStock
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