Markets await Fed minutes
There isn’t a large volume of data being published today, but there are some significant pieces to watch out for.
The EURUSD tried to push through the $1.10 but ultimately weakened overnight. The pair opened at $1.09695 and remained steady early, before picking up and hitting a high of $1.09952 mid-session. those gains were not held for long as the euro fell to lows of $1.09402 late in the day. It has come off those lows and is now trading at $1.09555. The GBPUSD followed a similar path to the euro after opening at $1.22890. The pound was flat early and crept up to a high of $1.23019 mid-session before dropping to lows of $1.21942 late in the trading day. It bounced off those lows and is now trading at $1.22237.
The Dow endured rough session overnight, with the trade concerns used as a reason why markets dropped. The index began the day at 26,463.00 and picked up early, peaking at 26,595.82 heading into mid-session trading. The highs were short-lived however, as the Dow tumbled to lows of 26,136.70 late in the day. It is not far off those lows at the moment, currently trading at 26,192.26. The Dax had a torrid time overnight, peaking early before a sell-off saw it drop below 12,000. The German index opened at 12,082.96 and climbed to an early high of 12,151.00. The sell-off began shortly afterwards as the Dax fell to lows 11,912.37. It managed to rebound off those lows before closing at 11,959.47.
Traders will be keenly awaiting the release of the US Fed Reserve’s most recent Meeting Minutes. This is scheduled to be published in the early hours of tomorrow morning and will contain a more detailed look at the economy and the outlook for monetary policy settings.
Data published today includes:
UK – FPC Statement
Europe – Eurogroup Meetings
Australia – Westpac Consumer Sentiment
Japan – Prelim Machine Tool Orders
US – Final Wholesale Inventories, JOLTS Job Openings, Crude Oil Inventories, Fed Chair Jerome Powell and FOMC Member Esther George speak
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