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Aussie Tumbles on Mounting Easing Prospects

AUD

The Australian dollar lost ground against rivals following the comments of the Reserve Bank of Australia Governor Philip Lowe. The latter reiterated that the bank is committed to doing whatever it takes to support the recovery, but what affected the market significantly is him signaling a further rate cut to 0.1% from the current 0.25% level and expanding the quantitative easing program. His dovish comments raised the chances of monetary policy easing on the 3rd of November meeting. The AUDUSD tumbled to $0.7095 to test the 100-day simple moving average, and the EURAUD raced higher to 1.6536.

Dollar

The dollar index, which measures the greenback against a basket of major currencies, held steady near 93.50 as investors await fresh drivers. The buck earned support from the falling risk appetite amid fading chances of reaching a compromise on fiscal stimulus. Moreover, the economic indicators continued to show that the US economy is recovering in a better way than rivals. The EURUSD drifted lower to $1.1731, and the USDJPY inched higher to 105.32.

Equities

Major US stock index futures drifted lower as investors doubt a deal on fiscal stimulus. The House Speaker Nancy Pelosi stated that the package proposed by Trump's administration "falls significantly short." Moreover, Treasury Secretary Steven Mnuchin said that reaching a deal before the presidential elections would be difficult. The Dow Jones Industrial Average futures declined to 28224, the S&P500 futures dropped to 3458, and Nasdaq futures dipped to 11836.

Metals

Precious metals prices recovered slightly from Tuesday's sharp decline but remained under pressure. The price of a gold ounce is trading around $1900, the price of a silver ounce held steady near $24, and palladium futures inched higher to $2375.

Oil

Oil prices surrendered partial gains despite a sharp plunge in private inventory survey. The American Petroleum Institute reported a possible decline of 5.422 million barrels in US inventories. Market participants are waiting for the official figures by the US Energy Information Administration later today. The West Texas Intermediate crude November delivery fell to $40.63, and Brent Blend December futures declined to $42.93.

Major Economic Events

GMT Country Event Expectation Previous

12:30

US

 Initial Jobless Claims

825

840

12:30

US

 Philadelphia Fed Manufacturing Index (Oct)

14.3

15.0

15:00

US

 Crude Oil Inventories

0.294

0.501

16:00

EZ

ECB President Lagarde Speaks

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