Markets look to European data
A relatively quiet Wednesday for data, with Europe coming into focus.
Traders continue to flock to the USD, sending paired currencies down overnight. The EURUSD opened the day at $1.11208 and was flat early, ticking up to a high of $1.11396 mid-session. The euro fell from those highs shortly afterwards, bottoming-out at $1.10624 late in the day. It has come off those lows and is currently trading at $1.10730. The GBPUSD showed more resilience than the euro, opening and closing rather flat. The pair began the day at $1.28820 and was steady in early trading before climbing to highs of $1.29167 mid-session. It fell late in the day, hitting lows of $1.28580. It rebounded off those lows and is now trading at $1.28785.
The Dow was again quite flat overnight but still managed to edge up to another record high. The index began the day at 27,464.71 and dipped to lows of 27,437.35 in the opening hour of trade. It spent most of the day creeping back up, peaking at 27,566.19 late in the day before closing at 27,496.20. The Dax traded in a tight range overnight, posting small gains throughout the session. The German index started the day at 13,144.81 and hummed along for most of the day, bumping up to a high of 13,165.95 late in the day. It dipped from those highs to hit lows of 13,111.87 and hour later before closing at 13,150.15.
The day ahead sees the publication of a list of PMI data from Europe in what could cause some volatility for markets. Meanwhile, trade and tariff talk continues, which could throw up its own surprises.
Data published today includes:
Canada – Ivey PMI
Europe – European, German and French Final Services PMIs, Italian & Spanish Services PMIs, European Retail Sales, German factory Orders
US – Prelim Non-Farm Productivity and Unit Labour Costs, Crude Oil Inventories, FOMC Members Charles Evans and John Williams speak
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