By FX Empire.com
Still the fears dominate the market’s movements as the market awaits the final plan from the European leaders, where the decision was delayed till the new summit on Wednesday, yet we can see progress made and that is supporting some positive outlook amid high caution.
Investors are waiting for the second part of the summit on Wednesday yet some agreement among Germany and France is made over ruling out the ECB role and they also approved their share of the Greek sixth tranche, which eased the jitters.
On the other hand, the Australian currency, nicknamed Aussie, inclined against the greenback after the HSBC reported that China’s PMI is to show some improvements during October more than the previous reading; this reflects positively on Australian exports and accordingly the currency.
Meanwhile, Australian producers rose in September less than economists forecasted as cheaper manufactured goods and construction partly offset gains in utility costs, singling that the inflation pressure cooled, supporting the Reserve Bank of Australia to keep interest rates unchanged in the upcoming months.
On Tuesday, the U.S. economy will release the Consumer Confidence for October at 14:00 GMT, where it’s expected to come at 46.3 from the previous 45.4. The House Price Index for August is due at 14:00 GMT which had a previous reading of 0.8%.
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