What you need to know on Thursday, September 12
Publish Date : 2019/09/12 - 07:49

What you need to know on Thursday, September 12:

The market mood is better and has improved as US President Donald Trump tweeted that he is going to delay the new tariffs on China from October 1 to October 15. There are reports of Chinese buying of further US agricultural goods. The detente has made commodity currencies higher and the yen fell. US yields continue their upward trend.

Tension rises before the European Central Bank's meeting. The ECB is likely to cut rates by 10 or 20 points and perhaps introduce a new bond-buying scheme worth 30 to 40 billion euros.

The deteriorating economic situation in Germany and other euro-zone countries has been prompting this action.

The high level of uncertainty regarding the President Mario Draghi’s decisions may cause high volatility in EUR/USD.

Parliament remains suspended despite the Scottish High Court's decision that the government's decision to prorogue the House of Commons is unlawful. The UK Supreme Court will hear appeals on September 17. Prime minister Boris Johnson has reiterated his stance about leaving the EU by October 31.

Oil prices have stabilized as Trump hinted he might remove some of the sanctions against Iran. OPEC and non-OPEC members meet today to discuss the output cut.

Cryptocurrencies are trading lower, with Bitcoin around $10,000.

Source: Fxstreet

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