Markets turn to BoE
A stack of data is due for publication today, while the UK’s central bank meets to discuss interest rates.
The EURUSD remained largely flat overnight, floating around the mid $1.10 mark. The pair opened yesterday at $1.10734 and was flat early, edging up to highs of $1.10922 mid-session. The euro remained near those levels for a few hours before sliding in late trading to lows of $1.10640. It has come off those lows slightly and is now trading at $1.10688. The GBPUSD suffered some small losses overnight as the election campaign kicked off. The pair began the day at $1.28831 and traded in a tight range early before lifting to a high of $1.28970 mid-session. Those highs did not last long as the pound slid off shortly afterwards. It hit a low of $1.28432 late in the day and is currently trading at $1.28565.
The Dow made some small gains overnight but is struggling in early Thursday trading. The index opened at 27,490.43 and climbed throughout early and mid-session trading, eventually peaking at 27,541.69. The Dow fell from those highs over the next few hours, bottoming-out at 27,413.94 late in the day. However, it rebounded strongly off those lows regaining most of those losses and closed at 27,518.64. It has opened lower this morning and is now trading at 27,467.24. The Dax made some modest gains overnight after beginning the session at 13,139.29. The German index hit lows of 13,108.42 mid-session before bouncing back and climbing to highs of 13,206.85 late in the day. It came off those highs and closed at 13,171.99.
The day ahead sees the publication of a host of data, but attention will be focussed on the latest BoE meeting. While interest rates are tipped to remain on hold, the remarks made by Governor Mark Carney will be of interest considering the general election is looming while Brexit simmers away in the background.
Data published today includes:
Australia – Trade Balance
US – Unemployment Claims, Natural Gas Storage, Consumer Credit
UK – Official Bank Rate, BoE Monetary Policy Report, Asset Purchase Facility, Monetary Policy Summary, Halifax HPI, BoE Governor Mark Carney speaks
Europe – EU Economic Forecasts, Swiss Foreign Currency Reserves, German Industrial Production, Italian Retail Sales, ECB Economic Bulletin, Eurogroup Meetings
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