In today's rather subdued trading sessions, most of the movements in the financial markets are limited. European indexes are somewhat in red, albeit with contained losses for the time being. Meanwhile, yields in US and Europe have experienced a minor increase. In the currency sphere, Sterling is mildly weaker, closely followed by Dollar and Euro. Conversely, Canadian Dollar is showing strength, with Yen and Kiwi Dollar tailing not far behind. As we look forward to the upcoming Asian session, all eyes are on Australian Dollar, gearing up to be the focal point. This heightened attention comes as RBA plans to publish the minutes of its meeting held on September 5. Remarkably, the meeting marked the third consecutive time RBA chose to maintain the status quo on interest rate. The financial streets are buzzing with speculation as market participants are split in their expectations; while RBA hasn't definitively closed the door on another rate hike, a segment of the market conjectures that the interest rates have attained their peak. The upcoming minutes are set to offer a deep well of insights, providing a closer look at the discussions held during the meeting — mainly focusing on whether there was serious contemplation on a rate hike, thereby presenting a clearer picture of the likelihood of such a move later. On the technical front, AUD/NZD is seen oscillating in a triangular consolidation pattern since dipping to 1.0721. This pattern hints that the decline from 1.1050 has yet to reach its end. A set of RBA minutes that leans more towards the dovish end of the spectrum could potentially knock down the cross from 1.0923 resistance. Further break of 1.0811 support will argue that AUD/NZD is ready to fall through 1.0721 support towards 1.0056. However, firm break of 1.0923 resistance will dampen this view, and target 1.1050/1.1085 resistance zone instead. In Europe, at the time of writing, FTSE is down -0.46%. DAX is down -0.82%. CAC is down -1.20%. Germany 10-year yield is up 0.0273 at 2.707, above 2.7 handle. Earlier in Asia, Japan was on holiday. Hong Kong HSI dropped -1.39%. China Shanghai SSE rose 0.26%. Singapore Strait Times dropped -0.53%. |