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A quiet day ahead

Published November 22, 2019

Author – Rhys Miles

 

A sequence of well timed media releases from both the US and China allayed some of the negative fears permeating the market about the success or otherwise of any Phase One trade deal. Purported reports that China has invited US trade negotiators to China for further trade talks coupled with reports that the US is prepared to delay the December 15th tariffs if talks progress well were the catalyst.

The Australian dollar continues in a very well- worn path continuing to soften overnight by virtue of a slightly stronger USD. In what should be a very quiet data free day, tonight’s European PMI data and the new ECB President’s speech should provide signs on the improving economic state of Europe and future economic direction.

Commodities remain sluggish and the OECD has once again trimmed its global growth forecasts for 2020 and 2021 calling for new structural policies rather than a reliance upon monetary and fiscal stimulus.