UK data in spotlight
Plenty of data around today, with the UK publishing some crucial economic data.
The EURUSD weakened slightly overnight after beginning the day at $1.12130. The pair traded rather flat early, bumping up to a high of $1.12180 before things turned negative. The euro fell over the next few hours to hit a low of $1.11925 mid-session. It came off those lows shortly afterwards and battled its way back up, regaining some of its earlier losses. It is currently trading at $1.12034. The GBPUSD fell overnight as the pound continues its tale of woe. The pair started the day at $1.25157 and ticked up to an opening-hour high of $1.25214 and remained flat for a few hours afterwards. The decline began mid-session, with the pound crashing to a low of $1.24387. It came off those lows but is still struggling, currently trading at $1.24605.
A late climb saw the Dow close flat overnight after opening the day at 26,807.14. The index slid during the first half of the day, bottoming-out at 26,671.66 mid-session. The back half of the day saw the Dow climb off those lows, peaking at 26,824.59 late in the day. It has come off those highs and is currently trading at 26,791.13. The Dax continues to struggle after starting the day at 12,472.35. The German index lifted to a high of 12,476.79 in the opening hour before falling to a low of 12,361.71 a few hours later. It spent the rest of the session trying to regain those losses but failed to recover them all, closing at 12,457.76.
A large volume of data is scheduled for release today, with data from the UK coming into focus. The UK will be publishing GDP figures later tonight in what shapes as being a vital piece of information, given the ongoing Brexit saga and leadership limbo the country finds itself in. The economy is expected to grow by 0.3% for the month, a strong turnaround from the -0.4% from the month before.
Other data published today includes:
China – CPI, PPI
Australia – Westpac Consumer Sentiment
Europe – French & Italian Industrial Production
Canada – BoC Overnight Rate, Rate Statement, Monetary Policy Report and Press Conference
US – FOMC Meeting Minutes, Final Wholesale Inventories, Crude Oil Inventories, FOMC Member James Bullard speaks
UK – Manufacturing Production, NIESR GDP Estimate, Construction Output, Goods Trade Balance, Index of Services, Industrial Production, MPC Member Silvana Tenreyro speaks
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