UK data rounds out a week of records
Markets look to the UK as stocks hit record highs.
The EURUSD traded in a tight range for most of the day, dipping slightly lower. The pair began the day at $1.11487 and remained flat for most of the day, lifting to a high of $1.11722 heading into late-session trading. Those highs were not held for long as the euro fell to lows of $1.11272 a few hours later. It has come off those lows and is now trading at $1.11358. The GBPUSD headed in the opposite direction overnight as it posted small gains throughout the day. The pair opened at $1.30371 and was flat early before dipping to lows of $1.30245. The pound bounced off those lows, hitting a high of $1.30829 late in the day. It is not from those highs and is currently trading at $1.30774.
The Dow soared to another record high overnight on the back of strong Retail Sales data and corporate earnings figures. The index started Thursday at 29,078.16 and slipped to a low of 29,071.33 early. It steadily made gains throughout the day, with momentum picking up late where it peaked at 29,306.10. The Dow has opened higher again and is now trading at 29,326.50. The Dax endured a more volatile session as it looked like making some strong gains before selling off. The losses were offset by a late rally however. The German index opened the day at 13,434.43 and climbed to highs of 13,499.50 mid-session. A sharp sell-off ensued, with the Dax falling to lows of 13,385.16 a short time later. It bounced off those lows as it rallied into the close, ending the session at 13,469.43.
Markets will again turn their gaze to the UK as they publish Retail Sales data. On the back of weaker-than-expected inflation data, it will be interesting to see if poor retail sales were the reason behind the fall in inflation. In saying that, Retail Sales are expected to grow by 0.5%, a huge turnaround from the -0.6% recorded at the last reading.
Other data published today includes:
Australia – HIA New Home Sales
Japan – tertiary Industry Activity
Canada – Foreign Securities Purchases
China – GDP, Fixed Asset Investment, Industrial Production, Retail Sales, Unemployment Rate
Europe – Swiss PPI, French Government Budget Balance, European Current Account, Italian Trade Balance, European CPI & Core CPI
US – Building Permits, Housing Starts, Capacity Utilisation Rate, Industrial Production, JOLTS Job Openings, Prelim UoM Consumer Sentiment and Inflation Expectations, FOMC Members Patrick Harker and Randal Quarles speak
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.