Local data is once again centre of attention, while there is plenty of action elsewhere around the world.

The EURUSD remained largely flat overnight, taking a breather from the gains made over the last few days. The pair opened the day at $1.10781 and dipped to lows of $1.10651 mid-session. The euro edged its way up in late trading, peaking at $1.10930 before coming back to its current $1.10817 level. The GBPUSD showed some signs of life, making some modest gains overnight. The pair began the day at $1.29390 and dipped to lows of $1.29293 early in the day. It bounced off those lows as it headed to a high of $1.30111, which was achieved late in the session. It has come off those highs and is now trading at $1.29927.

The Dow continued its horror run, with the news that a trade deal with China may be delayed by 12 months sending stocks down. The index opened at 27,794.07 and lifted to a high of 27,853.66 early in the day. It remained near those levels for a few hours before selling-off when Donald Trump said that a deal with China may be held off until after the 2020 US elections. The Dow plummeted over 500 points, hitting lows of 27,315.79. It came off those lows and closed at 27,496.00. The Dax remained stable overnight, withstanding the problems that plagued the Dow. The German index opened at 12,967.05 and climbed steadily during the first half of the day, peaking at 13,087.59 mid-session. It fell away from those highs, bottoming-out at 12,924.42 a few hours later. However, it regained most of those losses, closing at 13,055.05.

The day ahead sees the publication of quarterly GDP figures from Australia. As the economy shows signs of weakness and anaemic inflation is commonplace, markets will look to these figures with great interest as traders try to find a good news story about the Australian economy. However, this is against a backdrop of 28 years of continuous economic growth for Australia. The economy is expected to grow by 0.5%, in line with the previous quarter.

Other data published today includes:

China – Caixin Services PMI

UK – Final Services PMI

Canada – BoC Overnight Rate and Rate Statement, Labour Productivity

Europe – European, German and French Final Services PMIs, Italian & Spanish Services PMIs

US – ADP Non-Farm Employment Change, ISM Non-Manufacturing PMI, Crude Oil Inventories, FOMC Member Randal Quarles speaks

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