If last week was about central banks' actions, then this week will be about central bank speeches. First up, we have Atlanta Fed President Raphael Bostic, followed by Chicago Fed President Austan Goolsbee. Tomorrow, Fed Governor Michelle Bowman, the first governor to dissent to a Fed decision since 2005, will likely outline her reasoning, having cautioned against cutting rates too quickly. On Thursday, Fed Chair Jerome Powell delivers a speech at the 10th annual US Treasury Market Conference. New York Fed President John Williams and Vice Chair of Supervision Michael Barr will also speak at the same event. Domestically, Rachel Reeves is set to announce "a Budget to rebuild Britain" during her presentation at the Labour Party conference in Liverpool today.
Overnight, activity has been muted due to Autumnal Equinox Day in Japan, with the main movers being USD/JPY and oil. Oil rallied after its biggest weekly gain since April on signs China will step up support for its economy and fears that the conflict between Israel and Hezbollah could escalate into a regional war. The yen dropped after Bank of Japan Governor Kazuo Ueda indicated on Friday that authorities aren’t in a hurry to raise interest rates again. In other news, the US Commerce Department is reportedly planning to propose rules banning Chinese and Russian-made hardware and software in connected vehicles.
As for today, we have Eurozone HCOB Manufacturing PMI, HCOB Services PMI, and the UK S&P Global Manufacturing PMI and S&P Global Services PMI.
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