The market opened to a quiet trading day on Monday. The U.S. Dollar was trading stronger, while the U.S. Dollar Index posted intraday gains to fresh highs. The gains came despite the market’s opening, with the headline about China threatening to impose fresh trade tariffs against the U.S.
Australia’s inflation gauge report showed that inflation expectations increased 0.1% on the month. The factory orders report from Germany showed a 4.0% decline on the month. This briefly pulled the Euro currency lower on the day.
The Reserve Bank of Australia held its monetary policy meeting earlier today. As widely expected, the central bank left its cash rate unchanged at 1.50%. The statement was broadly unchanged from the previous monetary policy meeting.
Later in the day, the German Industrial Production and Trade Balance figures will be coming out. The U.S. trading session will see the release of Canada’s Ivey PMI. The index is forecast to rise modestly from 63.1 in June to 64.2 in July.
