Markets look to Europe
A stack of data is scheduled for publication today which could bring about some market movements.
The EURUSD looked set to continue its march upwards until a sell off late saw it erase earlier gains. The pair opened at $1.12504 and remained flat early, before climbing to a high $1.13049 mid-session. It gave up those highs quickly, falling in late trading to hit a low of $1.12188. It has come off those lows slightly and is currently trading at $1.12298. The GBPUSD followed a similar path to the euro after opening at$1.26950. The pair traded flat early before spiking to $1.27438 mid-session. It gave up those highs late in the day, falling to a low of $1.26800. It is currently trading at $1.26876.
The Dow continues to impress, piling on more points overnight. The index began the day at 25,338.64 and was flat early, dipping to a low of 25,332.41. It bounced off those lows to climb to a high of 25,558.57 in the last hour of the session. It has opened slightly lower this morning and is now trading at 25,507.33. The Dax dipped slightly lower overnight, despite a promising start. The German index opened the day 12,000.58 and lifted to a high of 12,052.52. The Dax slid after reaching that high, bottoming-out at 11,919.95 before rebounding and closing at 11,985.08.
The day ahead sees the release of a stack of data, with Europe coming into focus. The ECB will be meeting later tonight where they will be conducting an interest rate meeting. While interest rates are expected to remain at 0%, the outlook for the European economy and future monetary policy settings will come into focus when ECB President Mario Draghi conducts his press conference.
Other data published today includes:
Australia – Trade Balance
Canada – Trade Balance, Ivey PMI
NZ – ANZ Commodity Prices
Japan – BoJ Governor Haruhiko Kuroda speaks
UK – BoE Governor Mark Carney speaks
Europe – Monetary Policy Statement, German Factory Orders, European Revised GDP, European Final Employment Change
US – Challenger Job Cuts, Revised Non-Farm Productivity & Unit Labour Costs, Trade Balance, Unemployment Claims, Natural Gas Storage, FOMC Member John Williams speaks
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