There are a few key stories to be made aware of before the EU session. First up, the Australian jobs numbers beat expectations to print at +178.8K vs. expected -27.5K for employment change and the unemployment rate improved marginally to hit 7.0% vs. expected 7.1%. AUD/USD pushed up at the time but has subsequently dipped below flat again. Elsewhere in the UK, there have been some reports that the EU has put together a proposal for a no-deal Brexit. The report in UK press is suggesting that the EU is preparing for a no-deal because the talks are dragging on with businesses not knowing what they need to do if talks fail. Coronavirus rates are on the rise in the US and the NY mayor has closed schools as the death rate broke the 250,000 number.
After the negative handover from the US, Asian bourses were once again mixed. The Nikkei 225 fell 0.36% but the Shanghai Composite (0.47%) and ASX (0.25%) both traded well. In the FX space GBP and NZD were the worst performers as the greenback pushed higher overnight, GBP/USD (-0.27%) and NZD/USD (-0.29%).
In the metals complex platinum (-1.26%) has followed gold and silver lower. Tin (-0.58%), aluminium (-0.19%), nickel (-0.10%) and copper (-0.07%) are all struggling as base metals decline. Lead is the only one treading above water 0.06% in the black.
Looking ahead to today’s session the highlights include the Turkish bank rate decision, US initial jobless claims, Philly Fed data and US existing home sales. In terms of speakers we hear from ECB’s Lagarde, Fed’s Mester, German Buba members Mauderer and Wuermeling.