Australia Trade Surplus Returns in June as Iron Ore, Coal and LNG Exports Surge 
Trump Unveils $3 Billion U.S. Critical Minerals Push 
China Trade Surplus Beats Forecasts in July as Exports Stay Strong 
US Job Growth Seen Picking Up in July 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
US Stock Futures Hold Steady as Iran Hormuz Deal and Earnings Shape Market Sentiment 
Asian Stocks Slide as Semiconductor Selloff Weighs on South Korea and Japan 
Asian Stocks Mixed as Chip Selloff Hits KOSPI, Nikkei Ahead of US Jobs Data 
Oil Prices Slip as Hormuz Shipping Progress and Rising U.S. Crude Stocks Weigh on Market 
Gold Price Hits Seven-Week High as Fed Rate Hike Bets Fade and Hormuz Deal Hopes Grow 
Philippine GDP Growth Slows to 2.3% in Q2 
Ahead of the Fed tonight, the price action for the broader USD will remain driven by month-end flows, which after the surge in US equities to new all-time highs, is expected to see dollar selling, according to the latest research report from Lloyds Bank.
Markets have effectively priced in a third successive 25bps cut by the Federal Reserve tonight, although economists are a little more divided on the outcome.
If the Fed does not cut, markets will witness a sharp reaction, otherwise the focus will be on the forward guidance post today’s meeting and whether the committee signals further reductions are less likely now, the report added.
Data wise, the first estimate of US Q3 growth is likely to show that, while the economy continues to grow, its pace slowed to 1.6 percent annualised from 2.0 percent in Q2. The detail may also raise concerns that growth could decelerate further as it is likely to indicate a slowdown in consumer spending and sluggish or falling activity in much of the rest of the economy.
Meanwhile, the US ADP employment update will also be watched for clues on Friday’s payrolls but it may be particularly unreliable this month because of distortions caused by the strike at GM.
