Don Hemming: Yen Again Suffered From Loose Expectations.

Although the fundamentals of the market are more frequent than usual on Monday, trading in the stock market and bond markets has been suspended due to the US labor holiday, and the fluctuation of the foreign exchange market is also limited. The whole financial market has undergone a narrow movement around the recent geopolitical situation.

The US dollar index continued to wander 82.80 days from a recent high of a year earlier. It was shored up and the market was bullish on the British economy. The pound went up against the US dollar and the Japanese yen, while the euro was dragged down by the weak economic data released by the euro area in the euro area.

In addition, it is worth mentioning that the yen is the safe haven currency. The yen has become the worst currency on the day because of the further easing of the Japanese central bank, and the US dollar has risen to a seven month high against the yen.

Affected by the us rest and geopolitical crisis, the price of precious metals was basically flat, and spot gold rose 0.09 US dollars, or 0.01%, at 1286.99 US dollars / ounce.

European and Chinese manufacturing data were lower than expected, weakening demand outlook, crude oil fell slightly on Monday, NYMEX crude oil futures fell 0.10 U.S. dollars, or 0.10%, at 95.86 U.S. dollars / barrel.

Today's market trading main line: in the intra day Asian market session, one of the five major central banks, the Australian Federal Reserve will first hit the financial market. At present, the statement that the Australian Federal Reserve will not cut interest rates has attracted many capital arbitrage pactions, especially the impact of the Canadian dollar.

The main concern of the European market and its US market is the PMI data of the construction industry in the UK and a series of important economic data released by the United States.

Tuesday (September 2nd) Asian session

The main concern is Australia's economic data and the RBA interest rate resolution.

Investors are concerned about the current account and construction permit data released by Australia in the days, especially the latest trend of the monetary policy of the RBA interest rate resolution at 12:30 Beijing time.

The chairman of the Australian Federal Reserve has previously expressed a neutral stance on interest rates in Australia. He also issued a statement that would neither raise interest rates nor ease inflation. He also believed that monetary policy would not play a big role in the economy.

Australian

The rhetoric, which is also a rule of thumb, will not cut interest rates, attracting a lot of financing arbitrage pactions, and the Australian dollar has been going on for several weeks.

This week's new cash flow is likely to drag on the Australian dollar. Australia's GDP quarter rate is likely to slow 0.8 percentage points to 0.3% in the second quarter, and still see the Australian dollar to $0.97.

The Bank of Canada is unlikely to substantially adjust its monetary policy stance on Wednesday, even if Canada's GDP growth in the second quarter is stronger than that of the central bank in July.

Meanwhile, Australia will publish the second quarter current account of the GDP sub index.

Australia's inventory data released on the previous trading day were better than expected, but NAB expects the second quarter GDP growth season to remain unchanged at 0.2%.

On the other hand, the economic data released by the United Kingdom showed a weak performance, but the pound did not suffer too much, but it continued to rebound.

On the one hand, the technology is backed by shorts, and on the other hand, it depends on the expectations of the market and the UK economy. Data show that in August, the manufacturing industry PMI 52.5 was expected to be 55.1.

The UK has always been strong in all the European and American economies, which makes investors have reason to believe that the future trend of the pound is worth looking at.

Today, the market is mainly concerned about the PMI data of the construction industry in the UK, and the real estate market data has been an important factor affecting the trend of the pound.

It is expected that the data will affect the short-term trend of sterling.

The biggest risk of the recent pound is the September 18th referendum in Scotland, but polls show that the number of people who support independence is still a minority.

As for the recent British economy, although the anticipation of raising interest rates in the UK has gradually faded, its rate hike is still far ahead of the euro area, or even the Federal Reserve.