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AUD/USD eases off multi-month highs above 0.6900 after dismal China's PMIs
AUD/USD is paring back gains below the multi-month highs of 0.6937 in the Asian session on Monday. The mostly downbeat business PMI reports from China's NBS and Caixin hit the sentiment around the Aussie amid a risk-rally in Chinese stocks on more stimulus measures to spur the economy.
USD/JPY trims gains to trade near 142.50 amid Japanese political updates
USD/JPY is trading at around 142.50 in Asian trading on Monday after facing rejection at 143.00. Negative Japanese equities drag the pair, as markets speculate about Japan's snap election. However, mixed Japanese data and China stocks rally cap the pair's downside.
Gold drifts lower amid the upbeat market mood, bullish potential seems intact
Gold price attracts some sellers for the second straight day, though the downside seems limited. The optimism over China’s stimulus measures drives some haven flows away from the XAU/USD. Geopolitical risks and bets for a more aggressive policy easing by the Fed could limit losses for the precious metal.
Week ahead: NFP on tap amid bets of another bold Fed rate cut
Investors see decent chance of another 50bps cut in November. Fed speakers, ISM PMIs and NFP to shape rate cut bets. Eurozone CPI data awaited amid bets for more ECB cuts. China PMIs and BoJ Summary of Opinions also on tap.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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