03.09.14

Good morning,

Australian GDP at 3.1% from last year’s 3.5% was slightly above the 3.0% that had been expected with Reserve Bank of Australia’s Glenn Stevens warning of housing bubble risk, and stressed the importance of business investment to help the Australian economy move away from its reliance of mining investment. AUDUSD was trading at 0.9306 at time of writing. Chinese Purchasing Manager Index figures were up slightly, but worries about their housing market have been in the news lately, with Glenn Stevens mentioning it in his speech overnight. Japanese foreign investment figures are expected to be published in the next 24 hours.

The NIKKEI was trading at 15728.35 up 59.75 points, an increase of 0.38%

Europe today will see a number of Markit PMI figures; Spain, Italy, France, Germany, the UK and the Euro Zone area all get published this session. Retail Sales figures for the Euro Area are expected to be published at 0.9% year on year for July. Tomorrow will see the Bank of England and the European Central Bank announce their respective Interest Rate decisions. EURGBP was trading at 0.7970 at time of writing. GOLD has dropped to trade at $1268 per ounce.

The FTSE100 closed at 6829.17 while the DAX closed at 9507.02

Across the Atlantic today we await the Canadian Interest Rate decision. The Bank of Canada is expected to leave the rate unchanged at 1.0% American data out today will see MBA Mortgage Applications, Factory Orders for July and the FED’s Beige Book report on the current economic situation will be analysed for clues to the Federal Reserve course of action going forward. Friday will see Unemployment Rates for both the US and Canada. USDCAD was trading at 1.0923 at time of writing. EURUSD is at a level not seen since September last year, trading at 1.3137.

The DOW closed at 17067.56 down 30.89 points or minus 0.18% for the session.

Hope you all have a good day.