Today is the first full trading day of the week after the long weekend in the US and Canada yesterday. The first news came to the market traditionally from Australia, where a meeting of the RBA was held today. The RBA decided to leave the rate unchanged this time, at 1%. At the same time, data on the current account balance was published, whichshowed a surplus in the second quarter five times bigger than expected. Thus, following the results of today's events in Australia, the AUD managed to recover to the level recorded in late August.
News in the middle of the day was less optimistic for the euro and the pound because according to the latest report, Brexit has a very negative impact on the construction sector of Britain. Business activity continues decreasing further from 50 pips. The euro is also under pressure due to the situation in the global economy and the growing demand for safe assets.
Gold is now rapidly rising in price given the continuation of the trade conflict between China and the United States. Yesterday's optimism of investors about the start of a new round of negotiations disappeared after the news of China's filing a complaint to the WTO regarding the actions of the United States and the latest round of tariffs.
In the afternoon, data on business activity in the manufacturing sector of the United States is expected. The PMI is expected to remain at the level recorded in July. Also, in the evening we await the index prices from global dairy trade, which have an impact on the value of the NZD.
