What you need to know on Monday, September 30
Publish Date : 2019/09/30 - 08:17

What you need to know on Monday, September 30:

The market's mood has stabilized after a US official denied that the US will limit investor flows into China and the delisting of Chinese companies from US exchanges. However, the official has said it will not happen "for now."

The Caixin Manufacturing Purchasing Managers' Index rise to 51.4 in September, showing a recovery. China goes on a week-long holiday from Tuesday which means that trade negotiations will likely postpone.

The Conservative Party's annual conference hold in Manchester amid allegations that prime minister Boris Johnson groped a female journalist in 1999 and further calls to investigate Johnson's relations with an American entrepreneur when he was Mayor of London. The PM and the party continue insisting that the UK will leave the EU by October 31. Opposition leaders meet today to discuss the next steps and ousting Johnson is one of the options. Some opposition leaders are reluctant to install Labour leader Jeremy Corbyn.

The pound dropped on Friday after Michael Saunders, a member of the Bank of England, said that the BOE may have to cut rates because of Brexit uncertainties.

Mario Draghi, the outgoing President of the European Central Bank, has called on euro-zone governments to enact a common European budget. His political calls will likely be refused by Germany and other countries. Germany publishes its preliminary inflation figures for September today.

Currency action has been subdued at the beginning of the new week, with only the New Zealand Dollar with a slide below 0.63 after the ANZ Business Confidence slumped to -53.5.

Oil prices remain on the back foot and trading below $56.

Cryptocurrencies are retreating with Bitcoin dropped below $8,000.


Source: Fxstreet

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