1️⃣ Asian stock markets closed higher despite disappointing PMI data from China.
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.
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.
Economic Data Focus On Today
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.