Here is what you need to know on Wednesday, August 28th:
– Markets are calm after suffering on Tuesday. The US 10-year to 2-year bond yields remain inverted in a sign of an upcoming US recession. Reports suggest that China is preparing for the worst in trade wars as mistrust deepens.
– Italy: Today is the deadline for forming a new government and optimism is growing as the Democratic Party has seemingly removed its opposition to returning Giuseppe Conte as prime minister. EUR/USD remains on the back foot amid economic fears.
– Brexit: Opposition parties have agreed to use legislation to block a no-deal Brexit after Labour leader Jeremy Corbyn dropped his demand for a motion of no-confidence and his aspirations to become PM. GBP/USD is holding onto the gains.
– Australia: Construction Work Done missed with a drop of 3.8% in the second quarter, weighing on the Aussie. NZD/USD is also pressured.
– Gold and oil, are little changed.
– Cryptocurrencies remain stable despite reports that China may issue its cryptocurrency as soon as November.
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