POWER: Metlen, Karatzis Inaugurate Greece's Largest BESS

Iran's Press TV notes "Reports of explosions in multiple Saudi cities", comes after warnings of danger in some of the major cities. Subsequent BBG headlines note "*SAUDIS SAY DANGER HAS PASSED IN MECCA"

RXV6 119 puts paper paid 18 on 6K

• After appearing relatively insensitive to rises in front-end rates and oil prices through the first part of September, the dollar looks to have realigned somewhat with these fundamental drivers - likely aided by lingering concerns around AI buildout/development. Despite today’s strength for oil, Brent crude futures remain well shy of prior highs just shy of the $110 mark, and in similar vein, the USD index (+0.25%) remains shy of Monday’s 99.75 peak.
• We have monitored some Japanese yen weakness through the morning, most likely prompted by USDJPY rising through the overnight 154.95 highs and triggering some stops above yesterday’s 155.00 high print. As flagged yesterday, the area between 155.04/23 is the prior breakdown level and this initial resistance has held so far (high print 155.24). However, against the backdrop of rising oil prices/core yields, a further USDJPY recovery should not be ruled out as we approach both the Fed and BOJ decisions later in the week. Above here for the pair, 156.71 is the next topside level of note, the 20-day EMA.
• NZD once again trades on the backfoot, continuing to test below a cluster of July lows at 0.5762. Overnight, retail card spending fell 0.9% m/m to be up 1.1% y/y, the softest annual growth since January. Focus remains on Q2 GDP on Thursday as market participants assess the RBNZ’s potential to pause the tightening cycle ahead. AUDNZD made another cycle high of 1.2387, before settling back towards 1.2360 ahead of the NY crossover.
• UK labour market data was a little mixed, unlikely to have any impact on the MPC this week. That said, GBP has been inching weaker against the USD through the morning and has matched yesterday's 1.3464 low. After breaching initial 50-day EMA support, a second important support lies at 1.3469, a trendline drawn from the Jun 24 low.
• US Weekly ADP and Empire State manufacturing highlight a quiet economic calendar Tuesday.