The sentiment was one of optmism in Asia as the major equity indices delved into positive territory. Lifting the mood was a reading of 51 on the Caixin China PMI MFG index which came in line with expectations – the reading was for the month of October. The data was well recieved as a day earlier the official PMI had fallen just short of expectations.
Optimism was also fueled by a rise in Brent crude to near 2-year highs as signs that oil producer are sticking to the envisaged supply cuts.
The US Dollar has remained in support ahead of the conclusion of its 2-day policy meeting and communication later today, although on-lookers are not really expecting anything new from today’s decision. Keeping the US Dollar buoyed are expectations of the Trump’s administration tax reform deal, more details of which are expected this week. In addition markets are still awaiting to see Trump’s choice for the next Chair to head the Fed – which is also expected very soon.
Meanwhile the terrorist attack in NYC throughout Tuesday has not so far de-railed the USD’s trajectory. The person identified has driven a van into pedestrians, cyclists before colliding and pulling out his gun. Eight people were killed and more than 12 were injured.
The juicest parts from today’s economic docket are Canandian PMI, US ISM Manufacturing, and finally the FOMC rate decision.
