Markets look to UK data, Draghi speaks

December 12, 2017

A lot more data set for release today as the week builds up to the interest rate announcements on Thursday.

The EUR/USD started the trading session strong, reaching a high of $1.18115. It then pulled back off those highs to reach a low of $1.17625. it has since bounced off those lows to sit currently at $1.17735. The GBP/USD reached highs at the start of the session, hitting $1.34316. It then tumbled more than a cent, to lows of $1.33291. It has since bumped up off its lows, where it is currently trading at $1.33421.

The Dow went of to the races last night as it rallied more than 100 points of its lows. The stock showed little movement through early trading before it hit lows of 24,312.35. It then rallied strongly to reach highs of 24,427.23. It has pulled back slightly off those highs to its current level of 24,402.00. The S&P 500 followed the same path, starting solidly, hitting lows of 2,649.43 then rallying for most of the sessions afterwards, reaching highs of 2,664.97. It has come off those highs to its current level of 2,661.79. The NASDAQ followed suit after it hit lows of 6,338.17. It rallied from that point on, getting to a high of 6408.82. It is off those highs slightly, now trading at 6,400.80. The DAX began the session at a high of 13,202.88, the deteriorated from that point to a low of 13,109.70. However, it clawed back about half of those losses to its current level of 13,152.43. The story was much different for the FTSE. It began the session at lows of 7,408.08 before rallying over 50 points to highs of 7,460.00. It is slightly off its highs, trading at 7,457.20.

Today brings with it plenty of data and some significant events. From a data perspective, the most important data set for release is the UK CPI figure. This figure could move the pound. Also of significance is the speech being delivered by ECB President Mario Draghi. His speech can potentially move European markets as well as the Euro. Other data set for release today includes:

Australia – HPI & NAB Business Confidence

Japan – Tertiary Industry Activity

UK – PPI Input, RPI, Core CPI, HPI, PPI Output

Europe – European & German ZEW Economic Sentiment, French Final Private Payrolls

US – PPI, NFIB Small Business Index, Core PPI, Federal Budget Balance