A deluge of data to end the week

November 8, 2019

A stack of data is expected for publication later today as we round out another busy week for markets.

The USD gained the ascendancy overnight, pushing paired currencies down. The EURUSD opened the day at $1.10652 and was steady early, before pushing up to a high of $1.10912 mid-session. The pair fell away shortly afterwards, eventually hitting lows of $1.10352 late in the day. It has come off those lows and is currently trading at $1.10492. The GBPUSD followed a similar path to the euro, after opening at $1.28522. The pound was flat early, bumping up to a high of $1.28774 mid-session. The pound dropped shortly afterwards, hitting lows of $1.27930 late in the day. It is now trading at $1.28133.

The Dow went off to the races overnight, buoyed by positive US-China trade news. The index began the day at 27,488.24 and dipped to early lows of 27,429.85. it remained steady for the next few hours before taking off mid-session. The Dow rallied to a peak of 27,778.89 late in the day but has come off those highs and is now trading at 27,707.29. The Dax rallied along with the Dow after opening the session at 13,172.19. The German index dipped to a low of 13,162.51 just after the open and then traded near those levels over the next few hours. Mid-session saw the Dax gather momentum as it pushed its way up to highs of 13,303.18. It came off those highs slightly and remained steady for the rest of the day, closing at 13,270.94.

The day ahead sees the release of a stack of data, with the US and Europe publishing several pieces of economic data. The positive trade news between US and China will be further examined today as markets work out what the removal of some tariffs will mean to different industries.

Data published today includes:

Australia – Home Loans, Monetary Policy Statement

Japan – Leading Indicators

China – Trade Balance, USD-Denominate Trade Balance, CPI, PPI

Canada – Housing Starts, Building Permits, Employment Change, Unemployment Rate, BoC Governing Council Member Paul Beaudry speaks

Europe – Swiss Unemployment Rate, German & French Trade Balances, French Industrial Production & Prelim Private Payrolls, ECOFIN Meetings

US – Final Wholesale Inventories, Prelim UoM Consumer Sentiment & Inflation Expectations, FOMC Members Lael Brainard and John Williams speak

 

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