The Australian dollar was pressured against the US dollar due to Australia Retail Sales data in July weighed down 0.1%. In addition, the Australian Trade Balance Data in July are still in deficit also push down the exchange rate of the Aussie dollar this morning.
Afternoon, the pound sterling will get a market mover of the service sector PMI data in August. The data is predicted to show activity in the UK services growth. A positive result will still support the strengthening of the pound sterling.
Night, the Euro will gain market mover of the press conference of the European Central Bank (ECB) after the release of the rate decision. Market participants will be looking for hints about the possibility of additional quantitative easing (QE) in the future. This latter being much talked about that possibility. The addition of QE will weaken the Euro exchange rate.
While the US will be released 3 important economic data is data Weekly Unemployment Benefit Claims, Trade Balance Data and survey data of non-manufacturing activity. US economic data was generally predicted to be worse than the previous data. The US dollar could weaken if the outcome so.
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