Today is expected to be a day with medium volatility on the market. There will be almost no important macroeconomic reports, except for the index of business activity in the construction sector of Britain, which fell to 43.1 pips, exceeding the boldest pessimistic forecasts because the index fell to the lowest level in 10 years.
The key news of this day was also one of the earliest. It was a meeting of the RBA, where it was decided to reduce the rate to 1%. This is the second decrease in a year, and probably not the last, if the economic situation in and around Australia does not improve. The Australian dollar fell against major currencies following the meeting. It is not excluded that there might be a further reduction, given the results of the G20 summit, where China and the United States agreed to resume trade negotiations and postpone the introduction of new duties. However, the trade conflict is once again put on pause, which does not contribute to the growth of the world economy and the improvement of the economic conditions for development.
Another important event is taking place today in the commodity market. According to the results of the meeting of OPEC members, the participants agreed to extend their agreement on oil reduction for 9 months. Oil reached the level of $60, although it slightly retreated today due to concerns about the demand for oil.
Today oil will probably still have a chance for growth at the end of the day, after the publication of data on weekly oil reserves in the United States. Also, in the afternoon a speech by the head of the Bank of England is expected, but in general, the afternoon is expected to be very calm.
