US data in focus
A fair amount of data is scheduled for publication today as traders assess the fallout from the spike in gold prices.
The euro and pound both made some modest gains overnight in a positive start to the week. The EURUSD opened the week at $1.11581 and dipped to a low of $1.11565 mid-session. It climbed off those lows, hitting highs of $1.12051 a few hours later. It hovered near $1.12 for the rest of the session and is now trading at $1.11945. The GBPUSD started the week at $1.30795 and traded in a tight range early before dipping to lows of $1.30629 mid-session. The pound rallied off those lows however, peaking at $1.31743 late in the day. It is slightly higher in early Tuesday trading, currently sitting at $1.31757.
The Dow looked set for a dreary start to the week, following the sell-off it endured the previous Friday. The index opened at 28,511.07 and fell to lows of 28,383.49 mid-session. However, the Dow rallied off those lows, hitting a high of 28,733.14 late in the day before closing at 28,660.50. The Dax made some small gains to start the week after opening at 13,123.39. The decline started early, with the German index bottoming-out at 12,947.96. It bounced off those lows, climbing to a high of 13,164.98 in the final hour of trade before closing at 13,159.03.
The day ahead sees the release of plenty of data, with the US coming into focus. The US will be publishing ISM Non-Manufacturing in the early hours of tomorrow morning. It is expected to show a figure of 54.5, up from the 53.9 recorded at last reading.
Other data published today includes:
Australia – ANZ Job Ads
US – Factory Orders
Canada – Trade Balance, Ivey PMI
UK – Housing Equity Withdrawal
Europe – European CPI & Core CPI Flash Estimates, European Retail Sales, Italian Prelim CPI, Swiss CPI
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.