Forex Today: quiet start to a busy week

Here is what you need to know on Monday, September 9th:

  • Mixed US August report failed to impress. Fed’ head Powell maintained its hawkish stance on economic growth Friday. Mixed end of the week for the greenback, stronger against European rivals, easing sharply against commodity-linked currencies.
  • EUR/USD barely holding above 1.1000 ahead of the ECB monetary policy meeting next Thursday, the main event of this week.
  • Brexit turmoil continues. On Saturday,  Amber Rudd, the Conservative Whip, resigned to the cabinet and surrendered her position, saying that the government is mostly focused on preparing for a no-deal Brexit, adding that she does “longer believe leaving with a deal is the government's main objective," accusing PM Johnson of  an assault on democracy after he expelled 21 Conservative members. UK Parliament to keep on discussing Brexit this Monday.
  • Chinese data released over the weekend showed that the country’s Trade Balance in August posted a smaller-than-expected surplus of $34.84B, while imports were down by 5.6% and exports contracted 1.0%. The trade surplus with the US narrowed to $26.95B from $27.97B in the previous month, all of which a result of the trade conflict between the two countries.
  • Gold kept retreating amid risk-on mood. Crude oil prices advanced for the same reason.
  •  Cryptocurrencies recovered modestly after a sharp decline Friday.  Bitcoin continues behaving like a safe-haven asset.

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