Societe Generale in its early Tuesday economic news summary pointed out:
-- US dollar broadly bid. EUR/USD retreats below 1.09, nears 200dma at 1.0870 (Weekly Technicals), large option expiry supports at 1.0850-75 (1.4 billion euros). USD/CNH +0.4% to 7.126. Reports indicate China's banks may cut deposit rates as early as this week by at least 20bpa.
-- Brent crude slumps below $75/barrel on a Washington Post report that Israel Prime Minister Netanyahu has agreed to limit retaliation against Iran to military targets, spare nuclear and energy facilities.
-- United Kingdom's average earnings excluding bonuses slow to 4.9% three-month/year-over-year in August. The private sector 4.8%, public sector 5.2%. Employment gains 373,000 three-month/three-month. The unemployment rate dips to 4.0%, the lowest since January 2024. The participation rate climbs to 78.2%, the highest since November 2023.
-- Day ahead: New York Fed one-year inflation expectations, United States Empire manufacturing, Federal Reserve speakers Daly and Kugler. Europan Central Bank bank lending survey. Germany ZEW survey. Canada's consumer price index.
-- Nikkei +0.8%, Euro Stoxx 50 futures +0.4%, EUR 10-year IRS -3bps at 2.43%, Gold -0.1% at $2,645/oz.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.