Forex Today: Uncertainty about trade, oil, and Brexit cause confusion ahead of Draghi's testimony
|Here is what you need to know on Monday, September 23:
- The market mood is mixed amid conflicting accounts about US-Sino trade talks, with some officials describing it as "constructive" while others seeing it as "fragile." President Donald Trump has clarified that he wants to achieve the full deal rather than the interim one.
- Oil prices are on the rise as doubts were cast about Saudi Arabia's ability to restore production after the September 14 drone attack. Iran and the US have exchanged harsh rhetoric but both sides are unlikely to strive for a full war.
- Brexit: UK prime minister Boris Johnson has remained optimistic about reaching a deal. He will meet some of his European colleagues at the UN General Assembly in New York. The UK Supreme Court will indicate when it will make its ruling about the suspension of parliament later today.
- German, French, and euro-zone preliminary Purchasing Managers' Indexes (PMIs) for September will shed some light on the current economic situation. Germany's manufacturing PMI – which has been reflecting a recession for a long time – is the critical figure. Mario Draghi, president of the European Central Bank, will testify before the European parliament.
- Cryptocurrencies are relatively stable amid the launch of Bakkt – an exchange offering futures on Bitcoin.
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