US data rounds out the week
Not a high volume of data being released today, but Friday’s more often than not throw up a few surprises.
The US dollar weakened once again overnight, due to the increased likelihood of interest rate cuts. The EURUSD began the day at $1.12497 and climbed throughout early session trading, before peaking at $1.12850 heading into late-session trading. The pair fell from that point, dropping to a low of $1.12439 just a few hours later. It has come off those lows and is currently trading at $1.12552. The GBPUSD fared better than the euro after opening the day at $1.24961. The pair dipped to an opening hour low of $1.24938 before beginning its ascension, hitting a high of $1.25713 late in the day. It came off those highs and is currently trading at $1.25259
The Dow reached record highs overnight, buoyed by the expectation of interest rate cuts. The index opened the day at 26,872.70 and dipped to a low of 26,868.85 in the opening hour of trade. It was basically all up from there, as the Dow rallied to a high of 27,110.98 late in the day. It is not far off that high at the moment, trading at 27,098.36. The Dax, by contrast, was quite underwhelming overnight. The German index opened the day at 12,421.87 and lifted to a high of 12,431.88 before heading south for majority of the day. The Dax hit a low of 12,302.21 late before closing at 12,341.84.
The day ahead sees the scheduled release of a small volume of data, with the US publishing the most significant. Late tonight, the US will be publishing its PPI data, which has the potential to make movements in the market. It is expected to grow by 0.1%, in line with its last reading.
Other data published today includes:
US – Core PPI
UK – CB Leading Index
Japan – Revised Industrial Production
Europe – European Industrial Production, German WPI, ECOFIN Meetings
China – Trade Balance, USD-Denominated Trade Balance, New Loans, M2 Money Supply
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