Australian data in focus

December 6, 2018

A stack of data is once again set for release as we build up to a hectic end of the week.

The EUR/USD showed some signs of movement but was largely flat yesterday. The pair opened at $1.13367 and dipped throughout early trading to $1.13156 before climbing to highs of $1.13603. However, a sharp fall in the following hour saw the euro hit lows of $1.13098. It has recovered from those lows and is currently trading at $1.13445. The GBP/USD fared better than its European counterpart. The pair opened at $1.27101 and slid to a low of $1.26707 in early trading. The pound rallied off those lows through mid-session trading, peaking at $1.27979 before falling away in late trading. It is currently trading at $1.27266.

It was a shortened trading session for the Dow as the memorial for former President George HW Bush meant US markets closed early. The Dow opened at 25,011.16 and dipped to a low of 24,991.20 in the opening hour. It climbed off those lows and remained flat for the rest of the day, bumping up to a high of 25,173.50 late before closing at 25,143.10. The Dax weakened slightly but remained largely flat as well. The German index opened at 11,224.27 and fell to a low of 11,173.10 shortly after opened. It quickly bounced off those lows and hit a high of 11,264.90 a few hours later. It came off those highs and flat-lined in late trading, closing at 11,194.90.

The day ahead sees the release of a host of data that can cause some volatility. Headlining data releases is the Australian Retail Sales figures. After posting terrible GDP figures yesterday, it will be interesting to see what figure is posted today. There is an expectation of 0.3% growth in the sector, compared to 0.2% at last reading. Other data being published today includes:

All – OPEC Meetings

Europe – German Factory Orders

UK – MPC Member David Ramsden speaks

Canada – Trade Balance, Ivey PMI, BoC Governor Stephen Poloz speaks

Australia – Trade Balance, AIG Construction Index, RBA Assistant Governor Guy Debelle speaks

US – ISM Non-Manufacturing PMI, ADP Non-Farm Employment Change, Revised Non-Farm Productivity & Unit Labour Costs, Trade Balance, Final Services PMI, Unemployment Claims, Crude Oil Inventories, Challenger Job Cuts, FOMC Members Randal Quarles and Raphael Bostic speak


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