What you need to know on Tuesday, October 1
Publish Date : 2019/10/01 - 07:13

What you need to know on Tuesday, October 1:

The British government is drafting a proposal to resolve the Irish backstop problem. The Conservative Conference continues while the opposition decided not to table a Vote of No Confidence this week. GBP/USD remains below 1.23, as there are 30 days to Brexit. The Manufacturing Purchasing Index is projected to show contraction in the sector.

In relation to Trump impeachment, the personal lawyer Rudi Giuliani received a request to turn in documents related to Ukraine-gate. Opinion polls are showing growing support for the Democrats' impeachment inquiry.

The Reserve Bank of Australia cut interest rates to 0.75% as expected and opened the door to do more. Governor Phillip Lowe and his colleagues have expressed optimism. AUD/USD remains pressured, closer to 0.67. Lowe will speak later today.

The Canadian dollar has been on the back foot in recent days as oil prices dropped.

Japan is raising the sales tax today amid fears that it could weigh on the economy. The world's third-largest economy has a heavy debt burden.

The US economy calendar featured ISM Manufacturing PMI today. Several members of the Federal Reserve will also be speaking today.

Gold has been extending its slump, falling closer to $1,450.

Cryptocurrencies are recovering with Bitcoin touching $8,500.

Source: Fxstreet

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