The market sentiment improved amid the slowdown in virus cases. Let's have a closer look at the AUD, S&P 500, gold and the GBP.
German exporters don’t care about stronger euro
German exporters demonstrate ascending optimism as for their business prospects because growing demand from other euro zone countries helps to compensate worries regarding the strengthening currency, as the Ifo economic institute told on Wednesday.
The strong euro ins unable to cloud the upbeat mood among exporters now. The euro zone still appears to be the most crucial driver for German exports. That’s what Ifo head Clemens Fuest revealed.
In September, Ifo's indicator for export hopes inched up to 18.7 points from August’s outcome of 18.2, with managers from almost all industrial sectors giving a more positive outlook.
Only car makers had to cope with an evident damper. Currently there aren’t any opportunities for export surge, as Fuest told.
Germany's car industry, the country's number one exporter with 800,000 employees, is facing an emissions scandal.
European Union as well as German antitrust regulators are also trying to figure out whether Mercedes-Benz, Audi, Volkswagen, Porsche and BMW held secret gatherings to discuss prices, suppliers and standards to the disadvantage of foreign car makers.
The RBA will make a rate statement on August 4 at 7:30 MT time.
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…