Markets look to Europe
A stack of data is being published today, with Europe being the main focus.
The EURUSD made some gains overnight after an uncertain start. The pair opened at $1.13578 and was rather flat in early trading, before sliding to a low of $1.13498 mid-session. The euro rallied off those lows to hit a high of $1.13935. It has come off those lows and it is currently trading at $1.13817. The GBPUSD continues to impress, posting some solid gains overnight. The pair opened at $1.29511 and traded flat early, dipping to a low of $1.29417. Mid-session trading saw the pound rally, eventually peaking at $1.30800 late in the session. It is not far off those highs, currently trading at $1.30782.
The Dow endured a mixed session overnight, with corporate earnings misses tempering previous gains made through the day. The index opened at 24,406.94 and remained steady early, before a mid-session rally saw it peak at 24,697.55. The Dow quickly gave up those highs as it plummeted to lows of 24,301.72. The Dow showed some life, climbing off those lows and regaining a large chunk of those losses. It is currently trading at 24,555.06. The Dax was once again underwhelming, despite spending most of the session is positive territory. The German index opened at 11,077.13 and fell to an early low of 11,008.70. The Dax climbed over the next few hours to eventually peak at 11,138.90. However, the Dax quickly gave up those gains and almost hit fresh lows before closing at 11,052.90.
The day ahead sees the release of a host of data, with most attention focussed on Europe. The ECB will conclude their latest monetary policy meeting later tonight. While interest rates are expected to remain on hold at 0%, the commentary from ECB President, Mario Draghi, may prove to be significant. As Brexit lingers on, the ECB may give hints to future monetary policy movements, particularly during uncertain times.
Data released today includes:
Japan – Flash Manufacturing PMI
NZ – Credit Card Spending, Visitor Arrivals
Australia – Employment Change, Unemployment Rate
Europe – Main Refinancing Rate, ECB Press Conference, European, German and French Flash Services & Manufacturing PMIs
US – Unemployment Claims, Flash Services & Manufacturing PMIs, CB Leading Index, Natural Gas Storage, Crude Oil Inventories
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