Markets await growth data
A fairly quiet Thursday as far as volume of data goes but there is still some significant data scheduled for release.
The EURUSD made some modest gains overnight after beginning the session at $1.13652. The euro dipped early, then remained steady throughout the first half of the day, falling to a low of $1.13464 heading into late trading. It bounced off that low, shooting up to a high of $1.13905 just a couple of hours later. It gave up some of those gains late and is currently trading at $1.13725. The GBPUSD opened the day at $1.26861 and fell to a low of $1.26619 mid-session. It gained momentum shortly afterwards as it climbed to a high of $1.27069 a few hours later. It came off those highs and is currently trading at $1.26936.
The Dow looked set for a recovery session until a sell-off late in the day saw it enter negative territory for the second consecutive day. The index started the day at 26,573.31 and quickly fell to lows of 26,521.07. The Dow came off those lows as it built its way up to a high of 26,717.81. However, that was short-lived as the Dow declined late in the day and is currently struggling at 26,552.04. The Dax finally had something good go its way, shrugging off a falling Dow. The German index opened the day at 12,182.80 and dipped to a low of 12,180.61 early in the day. That low was only fleeting as it rallied to a high of 12,310.69 mid-session. The Dax came off those highs before settling and closing at 12,238.62.
The day ahead is a relatively quiet one for a Thursday, but the US is scheduled to publish some crucial economic data. Later tonight, the US will be releasing their Final GDP figure. The economy is expected to grow by 3.1%, in line its previous reading.
Other data published today includes:
NZ – ANZ Business Confidence
Europe – German Prelim CPI
UK – GfK Consumer Confidence
US – Final GDP Price Index, Unemployment Claims, Pending Home Sales, Natural Gas Storage, Bank Stress Tests
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