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31FX Blog

Aussie Downed By Trade, Growth Concerns; Services PMIs in Focus

Fresh US-China concerns over the Xinjiang human rights bill added to the ongoing trade deal uncertainty in Wednesday’s Asian session.

Amongst the European currencies, both EUR/USD and GBP/USD corrected a part of the recent rally and now awaits fresh economic news for a fresh trading impetus.

The Service PMI reports to dominate on both sides of Atlantic while the risk sentiment will continue to get influenced by the US-China trade and political developments.

From 0815 GMT onwards, the Euro area Final Services PMI data will start trickling, with the German and Eurozone numbers more of relevance.

The UK Services PMI due at 0930 GMT will grab some attention ahead of the US ADP Employment Change data at 1315 GMT and US Services PMI reports due around 1500 GMT.

The Bank of Canada (BOC) monetary policy decision will hog the limelight in the NA session at 1500 GMT, soon followed by EIA Crude Stock data and BOC Governor press conference at 1530 GMT and 1615 GMT respectively.