· Japanese data for machinery orders came out better than expected, with the overall trend confirming that the country is positively affected by the US-China trade war. The Yen dropped against the Dollar though, as Washington and Beijing exchanged olive branches.
· In Singapore, on the other hand, retail sales dropped 1.8% y/y, while the unemployment rate remained stagnant at 2.2% in 2019q3.
· The Euro bounced back from the one-week low yesterday, ahead of the ECB meeting today. The European monetary authority is widely expected to proceed with rate cuts, sinking the deposit facility rate further below zero.
Up and Coming:
· Most important event today is the ECB meeting, where policymakers are expected to ease policy to support flagging growth. As usual, the Euro could face some short-term turbulence during Mario Draghi’s speech.
· French and German inflation data are out today, with US data coming up later.
· The OPEC meeting today should also give out signals regarding the future course of oil prices. However, no major change in production is expected, given the sluggish growth of the world economy.