Though there were no major data releases from Australia yesterday morning, Aussie fell initially due to fall in commodity prices. Gold followed the global commodities decline in the Asian session on Monday morning. Gold tumbled $5.90 to trade at 1070.40 while silver fell 96 points to 14.00 and could break below the support level and fall in the $13 level. Platinum gave up $4.75 to 850.65. Gold extended losses on Monday, falling towards a near-six-year low reached last week, pressured by a robust dollar and upbeat comments from Federal Reserve officials on a possible US rate hike next month.
There will be no major data releases from Australia tomorrow, so focus will on commodity prices. In the US session GDP and CB Consumer Confidence figures are scheduled for a release. Analysts are forecasting 2.0% increase, while Consumer Confidence is expected to increase to 99.3.
Figures to watch:
Prelim GDP (Tuesday 14:30)
CB Consumer Confidence (Tuesday 16:00)
UK still likely to leave the EU with a negotiated agreement, says Number 10
Sentix Investors Confidence rose to 14.7 in August
German factory orders -4.0% seasonally adjusted on the previous month
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
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