The main standout overnight is the recovery in the Aussie dollar, which has recovered back above the 0.89 level after the latest data from China brings at least some relief at the margins. The rise in the HSBC manufacturing series was marginal (from 50.2 to 50.5), but was sufficient to take away some of the concerns that were prevalent at the start of the week. We’ve also seen iron ore prices stabilize after what has been a sharp decline so far this month (more than 6%). The Aussie has been the weakest currency on the majors so far this month, so is more vulnerable to corrective activity at this time as soon as the conditions align to allow for this, as they have done overnight. But in the bigger picture, the currency remains vulnerable as the US moves every closer to the point that rates are increased and China continues its growth shift towards more modest headline growth, with a reduced reliance on investment spending. Elsewhere, sterling has continued its tentative recovery in the wake of the Scottish referendum results, which saw the pound weaken after the initial relief rally last Thursday. We’ve also seen the single currency move away from the 1.28 level (1.2816 low see yesterday), as the market has yet to be convinced that the ECB can deliver the balance sheet expansion that the ECB President has promised. This makes the advent of full-blown QE more likely as a meant towards achieving this, but it’s not clear that the ECB has a consensus on the Governing Council to start QE at this point in time. The charts suggest that consolidative activity is likely to continue so long as we hold above yesterday’s low, but the single currency could be vulnerable on a break lower. The provisional PMIs for September (released this morning) have a generally firmer picture, although the German manufacturing series fell to 50.3 (from 51.4), with services outperforming. Further reading: EUR/USD Sep. 23 – Moves higher in range as PMIs pour in French PMIs beat forecasts – EUR/USD edges higher FxPro - Forex Broker FxPro - Forex Broker Forex Broker FxPro is an international Forex Broker. FxPro is an award-winning online broker, offering CFDs on forex, futures, indices, shares, spot metals and energies, serving clients in more than 150 countries worldwide. FxPro offers execution with no-dealing-desk intervention and maintains a client-centric business model that puts customer needs at the forefront of our operations. Our acquisition of leading spot FX aggregator, Quotix, enables us to offer access to a deep pool of liquidity, as well as top-class order-matching and some of the most competitive spreads in the market. FxPro is one of only few brokers offering Negative Balance Protection, ensuring that clients cannot lose more than their overall investment. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (registration number: 509956). FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (licence number: 078/07) and by the South Africa Financial Services Board (authorisation number 45052). Risk Warning: Trading CFDs involves significant risk of loss. View All Post By FxPro - Forex Broker Daily Look share Read Next Forexcrunch x DressHead tote Bag – Two Tone Design / Deep Interior Tamar Schoppik 7 years The main standout overnight is the recovery in the Aussie dollar, which has recovered back above the 0.89 level after the latest data from China brings at least some relief at the margins. The rise in the HSBC manufacturing series was marginal (from 50.2 to 50.5), but was sufficient to take away some of the concerns that were prevalent at the start of the week. We've also seen iron ore prices stabilize after what has been a sharp decline so far this month (more than 6%). The Aussie has been the weakest currency on the majors so far this month,… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.