Source: Forex News
1. EUR/USD ended the day on a slightly heavy note yesterday on the back of a stronger-than expected Empire manufacturing index. With a relatively thin data calendar today we are probably in for yet another quiet session before the series of speeches from the Fed and ECB officials on Wednesday. USD/JPY gained last night with the cross rising above 112 on reports that US and North Korean diplomats may meet in Moscow later this week.
2. The Australian dollar was 0.15 percent lower at $0.7840 as its rally last week to a two-week high of $0.7898 on upbeat Chinese data lost momentum. Sterling slipped 0.1 percent to $1.3241, awaiting Bank of England Governor Mark Carney’s comments due later in the session for potential cues.
3. Gold prices fell in Asia on Tuesday as investors noted a stronger dollar and less appetite for safe-haven plays weighed on sentiment and as physical demand in India for the holiday season has failed to lift the market. Eventually prices dropped to $1290 in a rapid fashion during the US session as the markets started buying foo Dollars aggressively.
4. UK inflation data will be the main focus of the day. CPI is expected to finally hit 3% mark in September, solidifying the case for a BoE rate hike in November. But it should be noted that, that rate hike would only bring interest rate back to pre-Brexit referendum level.
5. Elsewhere, German ZEW economy sentiment and Eurozone CPI final will be featured in European session. US will release import price index, industrial production and NAHB housing index later in the day.
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