Traders are keeping a close watch on what appears to be a complex outlook for international trade.
Emerging markets were lower, with Argentina tumbling the most despite their effort to restore investor confidence. Investors are bidding up safe haven assets and the US dollar’s status as the world’s reserve currency tend to attract safe haven bids in times of market turmoil and political tensions.
Meanwhile, Australia’s current account deficit has widened to $13.5 billion in the three months to June. However, the Reserve Bank of Australia governor Phillip Lowe is expected to deliver his speech tonight. He will speak at the bank’s board dinner in Perth and traders search for any clues of new information about the health of the Australian economy.