UK data in focus
Plenty of data set for release today, with the most significant data emanating from the UK and Europe.
The EUR/USD pair continues its upward trajectory as the USD cops a hammering. It hit lows of $1.22221 around midway through the session before taking off and reaching highs of $1.23060. It has since come back from those highs slightly, currently trading at $1.22959. It was much the same story with the GBP/USD. It steadily declined to session lows of $1.39150. It then rocketed up to highs of $1.40272. It has since fallen away from those highs to be currently trading at $1.40014.
The Dow had a mixed session yesterday, hitting highs midway through the session of 26,334.34 before falling away to session lows 26,152.49. It has since recovered some of those losses to be currently trading at 26,226.10. The Dax was steadier throughout the session, hitting highs of 13,600.18 from the open. It fell to session lows of 13,515.50 a few hours later before recovering most of those losses to be currently trading at 13,574.15.
Turning to today’s events and the most significant piece of data to be released is the Average Earnings Index from the UK. This reflects the increase in wages for people in the country. This is important as increased wages means there is more money being spent in the economy as people now have more money. Spending helps increase inflation, which is important to growing an economy.
The other data set for release today includes:
Australia – MI Leading Index, CB Leading Index
New Zealand – Credit Card Spending
Japan – Trade Balance, Flash Manufacturing PMI
UK – Claimant Count Change, Unemployment Rate
US – HPI, Flash Manufacturing & Services PMIs, Existing Home Sales, Crude Oil Inventories
Europe – European, German and French Flash Manufacturing PMIs, European, German and French Flash Services PMIs