Here is what you need to know on Tuesday, October 1:
- EUR/USD continues struggling below 1.09 after falling below the round number -- and to the lowest since 2017 -- following weak German inflation numbers. The preliminary all-European inflation figures are due out today. See Euro-zone inflation preview: Dismal figure already priced in – but EUR/USD unlikely to recover
- Brexit: The British government is drafting a proposal to resolve the Irish backstop problem by suggesting customs checks far from the border. Ireland said it is a "non-starter." The Conservative Conference conference continues while the opposition decided not to table a Vote of No Confidence this week. GBP/USD remains below 1.23, as there are 30 days to Brexit. The Markit/CIPS Manufacturing Purchasing Index is projected to show contraction in the sector.
- Trump impeachment: Personal lawyer Rudi Giuliani received a request to turn in documents related to Ukraine-gate. Opinion polls are showing growing support for the Democrats' impeachment inquiry.
- The Reserve Bank of Australia cut interest rates to 0.75% as expected and opened the door to do more. However, Governor Phillip Lowe and his colleagues have expressed optimism by saying that the economy is at a "gentle turning point." AUD/USD remains pressured, closer to 0.67. Lowe will speak later today.
- Canadian Gross Domestic Product for July is expected to show modest growth after a robust second quarter. The Canadian dollar has been on the back foot in recent days as oil prices dropped.
- Japan is raising the sales tax today amid fears that it could weigh on the economy. The world's third-largest economy has a heavy debt burden.
- The US ISM Manufacturing PMI is the main economic release today and may impact the broader mood -- as well as serving as a hint toward Friday's jobs report. Economists expect a rise to above 50 -- indicating a return to growth for the sector. Several members of the Federal Reserve will also be speaking today. See US Manufacturing ISM Purchasing Managers’ Index Preview: Too soon to cheer
- Gold has been extending its slump, falling closer to $1,450.
- Cryptocurrencies are recovering with Bitcoin touching $8,500.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.