The EURUSD traded down from a high of 1.4537 to a low of 1.4339

The Australian equity market is expected to drop about 1.4% on market open Thursday after the third straight weak overnight lead from the US as investors fear the country’s debt-ceiling standoff between the Republicans and Democratic could force a default or downgrade of US Treasury debt. The Dow dropped 164 points to finish the session at 12337 while the S&P500 index fell 23 points to close 1308.

The EURUSD (see above chart) traded down from a high of 1.4537 to a low of 1.4339 after Germany’s Finance Minister Wolfgang Schaeuble said his country opposes a blank check for the euro area rescue fund to purchase bonds on the secondary market.

After posting a new record of 1.1080 the AUDUSD has drifted lower to settle at 1.1029 in morning on continued debt concerns.

The NZDUSD has been range trading in early morning Asian trade after the NZ central bank kept its benchmark interest rate at a record low for the third straight meeting.

Gold fell from record highs of 1631 overnight to settle down 0.5% at 1617 after investors take profit.

WTI crude fell overnight from highs of 99.50 as an unexpected inventory increase and a decline in durable goods orders further concern that the economic growth is slowing. At time of writing this report crude was trading at 97.03.

Source Bloomberg, Dow Jones News