| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 01:30 | China | Manufacturing PMI | September | 49.1 | 49.5 | 49.8 |
| 01:30 | China | Markit/Caixin Services PMI | September | 51.6 | 51.5 | 50.3 |
| 01:30 | China | Non-Manufacturing PMI | September | 50.3 | 50.4 | 50.0 |
| 01:30 | China | Markit/Caixin Manufacturing PMI | September | 50.4 | 50.5 | 49.3 |
| 06:00 | United Kingdom | GDP, q/q | Quarter II | 0.7% | 0.6% | 0.5% |
| 06:00 | United Kingdom | GDP, y/y | Quarter II | 0.3% | 0.9% | 0.7% |
During today's Asian trading, the US dollar consolidated against major currencies, remaining near a 14-month low, while investors prepare for the speech of Fed Chairman Powell and the publication of new economic data, hoping to get clues about the Fed's next actions.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) fell by 0.01% to 100.38. Last week, the index fell by 0.3%, recording the 4th consecutive weekly decline. Later today (at 17:55 GMT) Fed Chair Powell will discuss the US economic outlook at a National Association for Business Economics conference. Meanwhile, the nonfarm payrolls report for September will be presented at the end of the week. Economists expect nonfarm payrolls to rise by 145,000. That’s similar to the August increase and would leave three-month average job growth near its weakest since mid-2019. Recent labor unrest suggests Friday's jobs report may be the last clean reading of the US employment market before the next Fed meeting. According to the CME FedWatch Tool, markets see a 54.0% probability of a 0.50% rate cut at the November meeting and a 50.1% probability of a 0.25% rate cut in December, with a 0.75% rate cut expected by the end of the year.
The yen rose slightly against the US dollar, while Japan's new Prime Minister Shigeru Ishiba made it clear that monetary policy should remain accommodative, given economic conditions. On Friday, the yen rose 1.8% on the back of Shigeru Ishiba's victory.
The Australian dollar reached a 2024 high against the US dollar as lower rates and expectations of fiscal support in China boosted hopes of accelerating economic growth and contributed to a rally in Chinese markets.