The euro is advancing above 1,26 now that the 'Draghi plan' is starting to take shape, and the dollar remains weak even against the yen. Asian markets are watching: they have retraced yesterday's gains, albeit only partially, and the regional index falls by 0,3%. Between today (ministers) and Thursday (ECB) there will be meetings in Europe, each of which will be labeled as 'decisive', but will not be decisive.
Bernanke's words in Jackson Hole continue to fuel confidence in monetary support, and oil has again surpassed $97/b amid higher demand prospects. The further progress of gold – now very close to 1700 dollars/ounce – also has its roots in the approaching QE3, which should, according to yellow metal enthusiasts, trigger a gold rush to avoid inflation galloping.
The Reserve Bank of Australia held rates steady. The US markets reopen today, after Labor Day, and data on the PMI index, construction spending and auto sales are expected in August.
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