Australian data eyed

January 8, 2020

A relatively quiet Wednesday coming up for markets, with a low volume of data expected for release today.

The EURUSD threatened to fall below $1.11 overnight after opening the day at $1.11961. The euro edged up to a high of $1.11969 shortly after the open but then spent the rest of the session in decline. The losses accelerated late in the day, where the pair bottomed-out at $1.11331. It has since come off those lows and is now trading at $1.11468. The GBPUSD briefly fell below $1.31 as the USD strengthened overnight. The pair opened at $1.31659 and remained steady early before spiking mid-session to a high of $1.32120. Those highs were quickly given up as the pound sunk to a low of $1.30935 late in the day. It has come off those lows and is currently trading at $1.31126.

The Dow ended the session in negative territory after a positive start to the session. The index began the day at 28,657.42 and climbed to highs of 28,769.23 mid-session. The Dow fell from that point, hitting lows of 28,481.25. It is currently trading at 28545.00. The Dax was able to withstand the falling Dow to post some small gains overnight. The German index opened the day at a low of 13,141.99 and climbed for a large chunk of the day, peaking at 13,285.75 mid-session. It came off those highs late in the day before closing at 13,196.32.

Focus turns local with Australia publishing its Building Approvals data. As the economy shows signs of weakness in different areas, these figures come further into focus as markets look for signs of strength. It is expected to show a growth of 2.1%, which would be a remarkable turnaround from -8.1% recorded the previous month.

Other data published today includes:

UK – Halifax HPI

Japan – Average Cash Earnings, Consumer Credit

Europe – German Factory Orders, French Trade Balance

US – ADP Non-Farm Employment Change, Consumer Credit, Crude Oil Inventories, FOMC Member Lael Brainard speaks


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