UK data in focus
A relatively quiet day coming up for markets but there is still some significant economic data scheduled for release.
The EURUSD gave up some of the gains made on Friday but is holding above $1.13. The pair opened the week at $1.13213 and ticked up to a high of $1.13302 not long after the open. The slide began shortly after that as the euro hit lows of $1.12890. It climbed off those lows, pegging back some of those earlier losses to be currently trading at $1.13127. The GBPUSD fell on the back of woeful GDP and manufacturing data. The pair opened at $1.27254 and lifted to a high of $1.27354 before the rot set in. The pound fell over the next several hours to hit a low of $1.26516 before rebounding and regaining some of those losses late in the day. It is currently sitting at $1.26863.
The started the session in a flurry but remained largely flat after that. The index opened over 160 points higher than Friday’s close and quickly shot up to a high of 26,264.50. It fell to lows of 26,035.99 a few hours later before remaining steady for the rest of the session. It is currently trading at 26,081.43. The Dax went on a bit of a roller coaster ride overnight, ending the session lower after opening much higher than Friday’s close. The German index opened the day at 12,113.72 and lifted the a near high of 12,124.92 before falling to lows of 12,049.44. It bounced off those lows to peak at 12,126.99 before closing at 12,082.89.
The day ahead sees the publication of some important economic data, where we once again look to the UK. The UK is scheduled to publish Average Earnings Index data later tonight in what could be another day of volatility. This figure represents wage growth in the country and is crucial to economic growth.
Other data published today includes:
Australia – NAB Business Confidence
Europe – Sentix Investor Confidence
UK – Claimant Count Change, Unemployment Rate
Japan – M2 Money Stock, Prelim Machine Tool Orders
US – NFIB Small Business Index, PPI & Core PPI, IBD/TIPP Economic Optimism
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