Morning market update 03 08 2021

#OPINIONLEADER#

By Scott Andrews

Morning market update 03 08 2021:

The USDCAD sell trade was stopped out as the DXY pushed back above 92.00 with an easing of bullish sentiment as equities moved lower slightly. ISM Manufacturing PMI (July) was a slight miss on expectations at 59.5 with 60.9 forecast. Today at 12:30 GMT+8 the RBA rate statement is released with no change to quantitative easing expected possible that slightly more is undertaken based on how the Reserve Bank views this current Covid 19 outbreak views this, although it’s most likely that no changes will be seen. Looking over the ASX200 this morning in early trading pre market it seems that a slight pull back is underway and could see the AUDUSD hold steady until the RBA rate statement is digested today, with the sell trade idea mentioned in yesterday’s currency call not yet triggered given the move higher to 0.7402 needed then a break lower under 0.7388.

USD index 03 08 2021