Brexit, Economic Data, the FOMC Meeting Minutes, and Trump in Focus

It’s was a quiet start to the day on the economic calendar this morning. There were no material stats to provide direction through the Asian session.

From overnight, the markets reacted to news of Trump bring to an end stimulus talks, however. Following his return from the hospital, Trump announced that negotiations should resume after the U.S Presidential Election.

The announcement came after FED Chair Powell had called for Congress to approve further stimulus. Powell had warned that failure to deliver would lead to a slow economic recovery.

For the Majors

At the time of writing, the Japanese Yen was down by 0.01% ¥105.64 against the U.S Dollar. The Aussie Dollar was up by 0.11% to $0.7110, while the Kiwi Dollar was down by 0.05% to $0.6584.

The Day Ahead:

For the EUR

It’s a relatively quiet day ahead on the economic calendar. Key stats included August industrial production figures from Germany.

While we can expect some influence from the numbers, the focus will likely be on geopolitics and chatter from Washington.

Brexit talks will likely garner plenty of interest as will U.S politics… It’s less than a month until Election Day.

On the monetary policy front, ECB President Lagarde is due to speak later in the day. Expect any chatter on the economy and COVID-19 or monetary policy to influence.

At the time of writing, the EUR was down by 0.05% to $1.1728.

For the Pound

It’s a relatively quiet day ahead on the economic calendar. Key stats include September house price figures that will likely have a muted impact on the Pound.

The focus will be on Brexit talks, with progress needed to ease the chances of a no-deal departure from the EU.

At the time of writing, the Pound was down by 0.03% to $1.2877.

Across the Pond

It’s a quiet day ahead for the U.S Dollar. There are no material stats due out to provide the Dollar with direction.

On the monetary policy front, however, the FOMC meeting minutes are due out. Following the postponement of stimulus talks, the minutes will likely garner greater interest.

Away from the economic calendar, updates on Trump’s health and election chatter will also be in focus. We can also expect further market reaction to the postponement of stimulus talks.

The Dollar Spot Index was up by 0.22% to 93.889 at the time of writing.

For the Loonie

It’s a relatively quiet day ahead. September’s Ivey PMI is due out later today.

While we can expect the numbers to influence, expect market risk sentiment and the weekly EIA crude oil inventory numbers to also provide direction.

At the time of writing, the Loonie was down by 0.15% to C$1.3332 against the U.S Dollar. #FX##euro#

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