German data eyed
A relatively quiet Thursday coming up mainly due to a public holiday in the US.
The EURUSD fell below $1.10 overnight as the euro struggles to find support. The pair opened the day at $1.10192 and bumped up to a high of $1.10239 in the first hour of the trading day. It was basically all one way after that with the euro slipping to lows of $1.09918 late in the day. It has come off those lows and is struggling to stay above $1.10, currently trading at $1.10011. The GBPUSD went in the opposite direction overnight after opening at $1.28646. The pound declined in early trading, hitting lows of $1.28263 mid-session. The pair rallied off those lows, peaking at $1.29166 in the final hour of the day. It has popped at the open on Thursday morning and is currently trading at $1.29379.
The Dow crept up to a new record high overnight but it was largely a flat session. The index started the day at 28,136.90 and edged up to a high of 28,192.13 mid-session. The Dow then dipped to lows of 28,076.73 late in the day before recovering most of those losses to close at 28,174.00. The Dax saw some large movements yesterday, eventually closing slightly higher overnight. The German index opened at 13,264.41 and traded in a tight range early, before dropping to lows of 13,217.39 mid-session. It surged off those lows to hit a high of 13,316.75 an hour late but then gave up some of those gains, closing at 13,297.51.
The day ahead is light-on for data but there is still some significant data to be published. Attention turns to Germany where it will be releasing Prelim CPI data. It is expected that the German economy will enter deflationary territory, sparking concerns for Europe’s largest economy. The CPI figure is forecast to show a deflation of -0.7%, down from 0.1% recorded last month.
Other data published today includes:
Japan – Retail Sales
Canada – Current Account
Australia – Private Capital Expenditure
NZ – ANZ Business Confidence, Building Consents
Europe – Spanish Flash CPI, Swiss GDP, European Private Loans and M3 Money Supply
Disclaimer: The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs. We recommend you seek independent advice if necessary.