US data eyed
While the volume of data being published today is quite low, particularly for a Friday, there is still some significant data releases that could cause markets to move.
The USD once again asserted its authority, sending paired currencies down overnight. The EUR/USD began the session well, reaching a high of $1.17431 after opening at $1.17268. The pair traded near those high for a few hours before starting its slide down. It dropped to a low of $1.16394 quite late in the session and is currently not far off those lows, trading at $1.16405. The GBP/USD suffered the same fate after opening at $1.31849. The pair climbed to a high of $1.32127 and traded near that level throughput mid-session trading. Just like its euro counterpart, the pound began to sink as the USD gained in strength. The pair fell to lows of $1.31037 quite late in the session, while it is currently trading at $1.31058.
The Dow managed to continue its strong performances of late. Opening at 25,464.27, the Dow hit a low of 25,420.53 early. It remained flat for a number hours throughout the day before spiking to a high of 25,597.18 late in trading. It has come back off those highs slightly, currently at 25,548.80. The Dax performed strongly on the back of a solid finish from the day before. The Dax opened at 12,694.08 and dropped to a low of 12,679.40 during the first hour of trade. It quickly turned that dip into a strong rally as it climbed to a high of 12,834.50, before closing at 12,800.00.
The day is reasonably quiet for a Friday, but there still some significant data to be released. Markets will be keenly watching the publication of the US Advance GDP figure. As the foremost indicator of economic growth, the GDP figure is closely watched and usually brings with volatility with it, particularly if it lands either side of the forecast number. Keep an eye on US indices as well as USD-paired currencies. Other data set for release today includes:
Australia – PPI
Europe – French Flash GDP & Consumer Spending, German Import Prices
US – Advance GDP Price Index, Revised UoM Consumer Sentiment & Inflation Expectations
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