Data deluge rounds out busy week

August 30, 2019

A stack of data is scheduled for release today, while the Brexit fight heats up.

The USD continues to gain in strength, pushing paired currencies down overnight. The EURUSD opened at $1.10767 and edged up in early trading, before remaining steady mid-session. The euro began its decline from $1.10851, where it reached $1.10624 late in the day. A spike shortly afterwards saw it peak at $1.10922 before giving up those gains and hitting a low of $1.10410 a few hours late. It has come off those lows and is currently trading at $1.10577. The GBPUSD suffered some small losses overnight, pushing it back below $1.22. The pair started at $1.22038 and remained flat for most of the session, bumping up to a high of $1.22317 mid-session before dipping back down to lows of$1.21712. It has come off those lows and is now at $1.21835.

Indices went off to the races overnight as trade tensions subsided, while US growth figures remained in line with expectations. The Dow opened at 25,985.29 and dipped to an early low of 25,928.79 before the rally began. The index climbed for most of the session, hitting a high of 26,408.32 late in the day. It has come off those highs and is now trading at 26,329.87. The Dax was pulled up by the Dow overnight, shaking off the malaise that has beset it for the last few days. The German index opened at 11,659.14 and dipped to lows of 11,656.95 early. The Dax then surged shortly afterwards, eventually peaking at 11,871.18 late in the day, before closing at 11,852.58.

The day ahead is a busy one due to the high volume of data being published. Away from data, the Brexit stoush is heating up after the Boris Johnson was given permission by the Queen to suspend the UK parliament. Opposition leader Jeremy Corbyn looks increasingly likely to call for a motion of no-confidence in the PM, which could possibly lead to a general election, throwing the UK into further chaos.

Data published today includes:

Japan – Housing Starts

Canada – GDP, RMPI, IPPI

China – Manufacturing & Non-Manufacturing PMIs

Australia – Building Approvals, Private Sector Credit

UK – Nationwide HPI, M4 Money Supply, Mortgage Approvals, Net Lending to Individuals

US – Personal Spending, Core PCE price Index, Personal Income, Chicago PMI, Revised UoM Consumer Sentiment & Inflation Expectations

Europe – European CPI & Core CPI Flash Estimates, European Unemployment Rate, German Retail Sales, French Prelim CPI & Government Budget Balance, Swiss KOF Economic Barometer, Italian Prelim CPI & Monthly Unemployment Rate


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