Asian stock markets are all lower, with Chinese and Australian markets down more than 2 % on the day, as rates rose sharply on Friday and investors see an increased chance of a Federal Reserve rate hike this month. As a reminder, the Fed will announce its decision on September 21st.
The FX market was rather quiet overnight, despite decent volatility in the equities and commodities. EUR/USD opened around 1.1225 in Asia and rose to a high of 1.1250. GBP/USD started the new trading day at 1.3260 and traded in a 1.3250-75 range. USD/JPY consolidated between 102.60 and 102.30 and remained surprisingly bid, despite larger losses in the Nikkei index.
AUD/USD opened at 0.7540 and traded in a 0.7520-50 range overnight. Similar price action was seen in NZD/USD, which consolidated between 0.7315-45.
There are no major data releases or events scheduled for today, so it could remain quiet. This week’s main events will be UK inflation & unemployment data, the SNB and BOE rate decision and US inflation data. For further details, please see the calendar below.
Tuesday, September 13th
Wednesday, September 14th
Thursday, September 15th
Friday, September 16th
IC Markets is revolutionizing on-line forex trading; on-line traders are now able to gain access to pricing and liquidity previously only available to investment banks and high net worth individuals.