1. EUR/USD ended the day on a slightly heavy note yesterday on the back of a stronger-than expected Empire manufacturing index. With a relatively thin data calendar today we are probably in for yet another quiet session before the series of speeches from the Fed and ECB officials on Wednesday. USD/JPY gained last night with the cross rising above 112 on reports that US and North Korean diplomats may meet in Moscow later this week.
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2. The Australian dollar was 0.15 percent lower at $0.7840 as its rally last week to a two-week high of $0.7898 on upbeat Chinese data lost momentum. Sterling slipped 0.1 percent to $1.3241, awaiting Bank of England Governor Mark Carney's comments due later in the session for potential cues.
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3. Gold prices fell in Asia on Tuesday as investors noted a stronger dollar and less appetite for safe-haven plays weighed on sentiment and as physical demand in India for the holiday season has failed to lift the market. Eventually prices dropped to $1290 in a rapid fashion during the US session as the markets started buying foo Dollars aggressively.
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4. UK inflation data will be the main focus of the day. CPI is expected to finally hit 3% mark in September, solidifying the case for a BoE rate hike in November. But it should be noted that, that rate hike would only bring interest rate back to pre-Brexit referendum level.
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| 5. Elsewhere, German ZEW economy sentiment and Eurozone CPI final will be featured in European session. US will release import price index, industrial production and NAHB housing index later in the day. |
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