Today is the first trading day of the autumn – and clouds are undoubtedly darkening for EUR/USD. Is it ready to tumble down? Markit's forward-looking Purchasing Managers' Indexes (PMIs) are painting a gloomier picture for the old continent.
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GBP/USD is trading below 1.25, little changed. PM Johnson has expressed optimism ahead of meetings with EU leaders in New York. The opposition Labour Party's is trying to iron out its position on Brexit.
USD/JPY holds firmer starting out the week, as the optimistic sentiment for trade talks remains on track. However, the further upside remains capped by falling Treasury yields-led broad USD weakness.
Mr. Powell warned against assuming that this was the beginning of a rate cutting cycle. “That is not what we are seeing now, that’s not our perspective now.’ He noted that the Fed has gradually moved to a more accommodative policy this year from a rate increase last December to a pause for several months and then to this cut. The dangers that the Fed sees facing the American economy are not homegrown but are global and trade factors from the China dispute and Brexit to the worldwide slowdown in growth.
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