Markets again look local

February 6, 2020

A host of data is being published today, with attention once again turning to Australia.

The EURUSD once again fell below $1.10 overnight. The pair opened the day at $1.10433 and was steady early, edging up to a high of $1.10475 mid-session. The euro fell away shortly afterwards, eventually hitting lows of $1.09928 late in the day. It has come off those lows slightly and is now trading at $1.09985. The GBPUSD continues to struggle, dropping below $1.30 in the last session. The pair opened at $1.30284 and was flat early before climbing to highs of $1.30696 mid-session. However, those highs were short-lived as the pound tumbled to lows of $1.29553 just a few hours later. It has come off those lows and is now trading at $1.29889.

The good news for the Dow continues, rallying once again overnight. The index commenced the day at 28,834.73 and dipped to lows of 28,748.99 and remained near those levels over the next few hours. Then, the Dow took off, rallying to a high of 29,331.66 late in the day. It is not far from those highs and is currently trading at 29,279.50. The Dax followed the Dow’s lead after opening the day at 13,287.96. The German index slipped to a low of 13,222.26 early before rebounding and surging to a high of 13,518.84. It is now trading at 13,501.47.

The day ahead sees the release of some crucial economic data from Australia. They will be publishing Retail Sales and Trade Balance figures, with the recent devastating bush fires and the coronavirus outbreak expected to affect both sets of figures.

Other data published today includes:

Europe – German Factory Orders, ECB Economic Bulletin, EU Economic Forecasts, ECB President Christine Legarde speaks

US – Challenger Job Cuts, Prelim Non-Farm Productivity & Unit Labour Costs, Unemployment Claims, Natural Gas Storage, FOMC Member Robert Kaplan speaks


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