During the conference in Hague, German Chancellor Angela Merkel said that the EU would find a backstop solution by October 31 (Brexit deadline).
Reserve Bank of Australia will move the AUD
Australia is going through a difficult period. The political leadership of the country has changed as Malcolm Turnbull lost the seat of Prime Minister. Although experts do not think that these events will have serious consequences for the market, the Australian central bank will be expected to lend some support to the country’s economy.The Reserve Bank of Australia will announce its rate decision at 07:30 MT time on September 4. At its last meeting the RBA, confirmed that the next change in the cash rate will be an increase. However, the central bank doesn’t plan to raise the rate anytime soon. According to the central bank, keeping the cash rate at the current level of 1.5% helps to reduce the unemployment rate and lift wage growth. Traders will focus their attention on the RBA statement and its comments about Australian economic outlook.
• If the RBA is positive about Australia’s economic prospects, the AUD will gain.
• If the RBA stresses political risks or sounds cautious about the economy, the AUD will decline.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.