GDP data in focus
A busy day ahead for markets, with plenty of data set for release.
The EUR/USD started the day in strong form, climbing to highs of $1.24759. It then performed a 180 degree turn and went the other way, dropping more than a cent to lows of $1.23712. It has recovered from those lows, currently trading at $1.24066. The GBP/USD followed the same path as the USD regained some lost strength. The pair peaked at $1.42440 before plummeting to lows of $1.40654. It has done well to rebound as much as it has. It is trading at $1.41622.
The Dow returned to old habits as it ended the session heavily in the negative. The Dow climbed to highs of 24,437.20 before falling off a cliff. It proceeded to lose over 700 points as it fell to a low of 23,703.00. It is not far off those lows in early trading today, sitting at 23,883.10. The Dax was once again hampered by what was happening across the Atlantic. After reaching highs of 12,044.22, it weakened to lows of 11,803.47. It is not far off those lows, currently trading at 11,844.47.
Looking at the day ahead and the most significant piece of information set for publication is the US Final GDP data. This denotes growth in the US economy. This is particularly crucial in a period of trade uncertainty and shaky stock markets. This figure has the potential to cause volatility in USD-paired currencies. Other data set for release today include:
NZ – Building Consents
UK – Nationwide HPI, CBI Realised Sales
Europe – German GfK Consumer Climate, Credit Suisse Economic Expectations
US – Final GDP Price Index, Goods Trade Balance, Prelim Wholesale Inventories, Pending Home Sales, Crude Oil Inventories, FOMC Member Raphael Bostic speaks
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