The key event during the Asian session will be the Reserve Bank of Australia meeting, with a rate hike expected.
China will release important trade data. Later in the day, Eurostat will release the Producer Price Index. Here is what you need to know on Tuesday, November 7: The US Dollar Index reached a bottom at 104.86, the lowest level since September 21, and then rebounded, rising above 105.00. It closed in positive territory but remains under pressure following last week's Federal Reserve meeting and US employment data.
USD/JPY rose after three days of losses, approaching the 150.00 area. AUD/USD encountered resistance around the 0.6520 area and turned to the downside, falling below 0.6500. The Reserve Bank of Australia will announce its decision on Tuesday, with many analysts expecting a 25 basis points rate hike. Analyts at TD Securities on RBA: We expect a 25bps rate hike; the case for a hike is strong.
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