Asian markets were broadly lower overnight, following a lackluster NY close. Nikkei was back online after Monday's public holiday. In Australian markets, miners were lagging the ASX 200 amid commodity volatility. Greater Chinese markets also lower.
Crude: Saudi Arabia issued a statement yesterday stressing its desire to cooperate with both OPEC and non-OPEC oil producers in stabilizing prices. Oil saw a modest bounce and UsdCad has traded lower.
Coming into today's speech by RBA Governor Stevens at the Australian Business Economists’ Annual Dinner, AUD continues to demonstrate resilience. The base case is that Stevens will support the view that the RBA is on hold. So any verbal intervention to talk down the Aussie will hurt.
Looking forward: German IFO (expected to rise), Bank of England MPC testimonies (Carney & Haldane expected to restate the weakness in CPI) and the second estimate of US Q3 GDP (expected to be revised upwards) are the key events.
Charts for today:
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