Good Morning Traders! This Tuesday we get UK Unemployment data, as well as German ZEW numbers.
Here is what to be aware of.
Sentiment
In an unexpected move, China's central bank cut a key interest rate by the most since 2020 to support an economy that is now exposed to new risks as a result of a growing real estate collapse. After the PBOC lowered policy rates, China's state-owned banks sold dollars in the domestic market to support the yuan, according to traders.
As a result of stronger-than-expected outcomes for both company investment and private spending, Japan's economy grew far quicker than anticipated. As yield differentials expanded, the value of the yen in Japan fell towards a level that provoked the first yen-buying intervention since 1998 in September.
China's economic problems were described by Treasury Secretary Janet Yellen as a "risk factor" for the US, but one that did not considerably dim her optimism for the US economy.
Docket
02:00 AM ET
UK Unemployment Change
Median Forecast -12.0k | Prior 25.7k
UK Unemployment Rate
Median Forecast 4% | Prior 4%
05:00 AM ET
German ZEW Economic Sentiment
Median Forecast -14.9| Prior -14.7| Range -8.0/-21.9
German ZEW Current Conditions
Median Forecast -63| Prior -59.5| Range -55.0/-66.8
Good Luck Today Traders!
