Themes

• General mood is “risk off”
• We had Bank holidays for most European countries yesterday
• U.S. stocks dipped down a little bit while US dollar index went up to 102.35

What’s Moving

New York opened with a very small move on US three major indices. Gold went down about 10 US dollars and closed below 1840.00.

After the market closed in the U.S., quite Asian market in the morning with all eyes on Reserved Bank of Australia later today to announce the new interest rate. Later, PMI data from UK and Orders from Germany should impact sterling and euro but not much.

Thoughts

With little incentives from overnight trade, expect a usual quiet Morning in Asia today. Eyes on Reserved Bank of Australia today at AEST 2:30pm with an expectation of 25 basis point hike on interest rate.

The data and event calendar are light today, with little more than:

• German Factory Orders m/m
• UK Final Services PMI

Pivot Points