Markets await US data
As markets rallied overnight, traders will look keenly towards data from the US to see if the rally continues.
Major currencies were relatively flat overnight, trading in a tight range for most of the day. The EURUSD began the day at $1.10577 and ticked up to a high of $1.10637 early in the day. It started its slide shortly afterwards and continued until it hit lows of $1.10321 late in the day. It has come off those lows and is now trading at $1.10443. The GBPUSD stemmed the losses from the previous session and made some slight gains overnight. The pair opened at $1.29918 and slipped to lows of $1.29392 mid-session. The pound bounced off those lows, peaking at a high of $1.30458 a few hours later. It is not far off those highs and is currently trading at $1.30314.
The Dow went off to the races overnight, regaining the losses it suffered during last Friday’s sell-off. the index opened the day at 28,387.89 and dipped to lows of 28,3543.02 in the first hour of trade. It was basically one way from there – up. The Dow surged to highs of 28,902.53 late in the day and is currently trading at 28,826.00. The Dax was a major beneficiary of the rallying Dow as it also posted big gains overnight. The German index started the day at 13,042.40 and slipped to an opening-hour low of 13,017.68. Like the Dow, the Dax powered off those lows, climbing to a high of 13,297.52 before closing at 13,284.00.
The day ahead sees the release of some important economic data, headlined by the ISM Non-Manufacturing PMI figures from the US. The Non-Manufacturing PMI is expected to show expansion of 55.1 (up from 55.0 from the last reading).
Other data published today includes:
Canada – Trade Balance
NZ – ANZ Commodity Prices
China – Caixin Services PMI
UK – Final Services PMI
Australia – RBA Governor Philip Lowe speaks
US – Trade Balance, ADP Non-Farm Employment Change, Final Services PMI, Crude Oil Inventories, FOMC Member Lael Brainard speaks
Europe – European, German and French Final Services PMIs, Italian and Spanish Services PMIs, European Retail Sales, Swiss SECO Consumer Climate, ECB President Christine Legarde speaks
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.