High volatility continues in many markets. Oil price jumps on news that US oil production fell in August and is likely to keep falling.

WSJ’s Fedwatcher says FOMC might not vote to hike rates next week.

PBOC trying to force CNH and CNY to converge so that CNY can be included in SDR; suggests that they will aim for continued stability.

These reports encourage “risk on” behavior: stocks rise, oil- and commodity-related currencies fare best.
Dollar falls all around, including vs EUR, perhaps on rate view?

BRL is worst-performing currency after S+P downgrade the country’s debt to below investment grade with negative outlook

Today:
Eurozone: final German CPI data for July; no change likely from preliminary estimate
Sweden: final Q2 GDP expected to confirm the preliminary reading
US: PPI for August expected to fall into deflation, while the rise in core PPI is expected to slow = possibly USD-negative. Preliminary U of M consumer sentiment for September.

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