US data headlines busy day

May 30, 2018

Plenty of data about today which should ensure that volatility in the markets continue.

The major currencies continue to struggle against the USD. The EUR/USD was flat in early trading, opening at $1.16229. It then it began its descent until bottomed-out at $1.15076. It was not there long as it tried to mount a spirited comeback, which sent the pair up to $1.15895. This was all to no avail as it gave up most of those gains. It is currently trading at $1.15399. The GBP/USD was belted as well. After opening at $1.33077, it climbed to a high of $1.33254 before taking a tumble to lows of $1.3209. It mounted an admirable rally, which saw the pair climb back up to $1.32978. It did succumb to the strength of the USD however, pulling back to its current $1.32545 level.

The Dow endured a horrid night or trading, with some saying it was due to the instability in Italy. Just last week, the reasoning was the cancellation of the meeting with North Korea. The week before that, it was trade wars. The Dow opened at 24,776.00 and remained flat in early trading before steadily declining through mid and late session trading. It fell to lows of 24,234.42 quite late in the session. It has regained some of those losses, currently trading at 24,337.10. The Dax was belted overnight, weighed down by a falling Dow and troubles in Italy. It opened at 12,842.42, had a brief climb to session highs of 12,853.40, then the decline set in. It did manage to hold its ground for a few hours, but ultimately could not stave off the inevitable. It fell to lows of 12,570.50 very late in the session. It showed some signs of life going into the close, reaching 12,634.40.

The day ahead is full of data, but all eyes are on the US. The most crucial piece of data being published tonight is the Prelim GDP figure. As the foremost economic growth figure, markets will be eyeing this data off with keen interest. Other data set for release include:

NZ – RBNZ Governor Adrian Orr speaks

Australia – Building Approvals

Japan – Consumer Confidence, Prelim Industrial Production

UK – GfK Consumer Confidence

Canada – Current Account, RMPI, IPPI, BoC Overnight Rate, BoC Rate Statement

US – ADP Non-Farm Employment Change, Goods Trade Balance, Prelim GDP Price Index, Prelim Wholesale Inventories, Beige Book

Europe – German Unemployment Change, Retail Sales, Import Prices and Prelim CPI, French Prelim GDP & Consumer Spending, Spanish Flash CPI, Swiss KOF Economic Barometer, Credit Suisse Economic Expectations and SNB Chairman Thomas Jordan speaks



Disclaimer: The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs. We recommend you seek independent advice if necessary.