The Australian Dollar rallied versus the U.S. Dollar as the
Reserve Bank of Australia cut the benchmark lending rate by 25 basis points to
3.00 percent which was in-line with market expectations of a 90 percent
probability that the RBA would cut the cost of capital
today.
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The global PMI release period was off to a good start, with
outperformance in Asia and mostly floundering in Europe. US failed to hold its
own, with its equivalent to the PMI, the ISM Manufacturing index, falling back
into contraction, to its lowest official reading of the year. Just when US
economic data was turning higher, it now appears to be
backpedalling.
Greece offered to buy back as much as 10-billion Euros of bonds
issued in a restructuring earlier this year, as an attempt to cut its debt load.
The government said they will buy back bonds in a so called Dutch auction, and
the government is willing to pay an average maximum purchase price of 34.1% for
bonds maturing from 2023 to 2042.
ECB and BoE are widely expected to maintain their current policy Forex Bulletproof 2.0 Patented Striker Technology!
in December, we anticipate the Governing Council to strike a more dovish tone
for monetary policy as the deepening recession in the euro-area threatens price
stability. ECB President Mario Draghi may show a greater willingness to ease
monetary policy further. BoE appears to be slowly moving away from its easing
cycle as inflation stubbornly holds above the 2%
target.
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