Markets eye RBA & Australian data

December 5, 2017

Plenty of data set for release today, with the focus shifting locally to Australia.

The EUR/USD ebbed and flowed throughout the night, not making any massive moves. It touched highs of $1.18780, then hitting lows a few hours later of $1.18281. It has strengthened off those lows to its current level of $1.18660. The GBP/USD had a wild night of trading, weakening early in the evening, then shooting up more than a cent in a little over an hour to highs of $1.35380. A few hours later, it dropped over a cent to session lows of $1.34100. It has since regained most of those losses, where it is now trading at $1.34754.

The Dow lost some ground overnight as stocks took a breather from record highs. After hitting record highs of 24,531.22, the Dow dropped over 200 points to 24,264.47. It has since lifted off those lows, currently trading at 24,291.20. The NASDAQ had a night to forget, the stock losing ground for the majority of the night. It began the session at 6,387.02, then fell away to as low as 6,247.15. It has since rebounded ever so slightly, up to 6,6257.10 presently. The story was much the same with the S&P 500. It was flat for most of the night, took a peek at a record high of 2,665.33, then gave up points a few hours later. It fell to session lows of 2,634.09. It is not far off those lows, currently at 2,636.74. The DAX had a bumpy ride, rallying around 150 points off its session lows, the dropping away shortly after. It has fallen around 90 points off that high to where it is presently at 13,028.23. The FTSE got steadily worse throughout the trading session, beginning at session highs of 7,365.90, before giving up over 50 points to its current value of 7,311.10.

Gold was steady throughout the session, dipping as low as $1,270.97, but then hitting session highs of $1,277.06. It has since retraced slightly, currently st $1,276.00

Looking ahead to today and there is some significant data set for release. Today the RBA (Reserve Bank of Australia) meets to decide monetary policy settings for the country. While it is not expected to move interest rates, the importance of these meetings is to listen to the language used by the central bank governor as to the future of monetary policy within Australia. Australia is also publishing crucial Current Account & Retail Sales data. Other data set for publication today includes:

New Zealand – ANZ Commodity Prices, RBNZ Governor Grant Spencer speaks

UK – BRC Retail Sales Monitor, Services PMI, FPC Meeting Minutes

Japan – BoJ Core CPI

Canada – Trade Balance

US – Trade Balance, ISM Non-Manufacturing PMI, IBD/TIPP Economic Optimism, Final Services PMI

Europe – European, German & French Final Services PMIs, Italian & Spanish Services PMIs, European Retail Sales, European Revised GDP, ECOFIN Meetings