Risk-On Sentiment Supports High-Beta Currencies And Presses Safe-Haven Currencies On Wednesday
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MARKET RECAP
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1️⃣ Asian stock markets closed higher despite disappointing PMI data from China.

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FOREX RECAP
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1️⃣ USD declined as Powell said that the Fed would not be in a hurry to raise interest rates. Meanwhile, both the ISM manufacturing and services PMIs for August are expected to be affected by the surge in COVID-19 cases in the US.

2️⃣ NZD/AUD: Risk-On sentiment in the market supports the strength of high-beta currencies.

3️⃣ JPY/CHF: Positive markets put pressure on safe-haven currencies.

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COMMODITIES RECAP
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1️⃣ Crude oil prices traded higher on Wednesday as data from the API showed a larger-than-expected decline in U.S. crude oil inventories.

2️⃣ Gold traded above the $ 1,810 level, amid a positive market mood and a weak dollar.

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Economic Data Focus On Today
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1️⃣ Australian GDP for Q2 (09:30 Malaysia Time) — Bearish Prediction — Due to the recent lockdown in the country.

2️⃣ German Final Manufacturing PMI for August (15:55 Malaysia Time) — No Prediction — No prediction on the revisions data.

3️⃣ Eurozone Final Manufacturing PMI for August (16:00 Malaysia Time) — No Prediction — No prediction on the revisions data.

4️⃣ UK Final Manufacturing PMI for August (16:30 Malaysia Time) — No Prediction — No prediction on the revisions data.

5️⃣ US ISM Manufacturing PMI for August (22:00 Malaysia Time) — Bearish Prediction — Due to the recent spike in the COVID-19 outbreak in the US.