UK data in focus
A busy Tuesday coming up, especially for the UK as they release a stack of economic data.
The euro continues to struggle as it faces the prospect of falling below $1.09. The EURUSD opened the week at $1.09410 and inched its way up to a high of $1.09571 early in the day. Those highs were not kept for long as the pair slid for the rest of the session, hitting lows of $1.09070 late in the day. It is not far off those lows, currently trading at $1.09102. The GBPUSD made some small gains overnight, climbing back over $1.29. The pair began the week at $1.28822 and edged up to $1.29083 before falling to lows of $1.28711 mid-session. The pound bounced off those and rallied to a high of $1.29457 late in the late. It has come off those highs and is now trading at $1.29149.
The Dow started the week off in positive fashion after commencing Monday at 29,061.25. The index dropped to lows of 28,892.88 in the opening hour of the day before rebounding and climbing for most of the session. The Dow peaked at 29,294.99 late in the day and is currently trading at 29,271.00. The Dax opened the week 13,427.90 and dipped to a low of 13,424.90 in the first hour of trade before regaining those losses and remaining stable for most of the day. The German index edged up late in the day, closing at a high of 13,527.45.
Attention turns to the UK as it publishes several pieces of vital economic data. The UK will be publishing quarterly GDP data later tonight in what is the last full quarter before it left the European Union. The economy is tipped to show no growth at all in the previous quarter, down from a revised figure of 0.4% from the quarter before that.
Other data published today includes:
Australia – NAB Business Confidence
Europe – ECB President Christine Legarde speaks
US – NFIB Small Business Index, JOLTS Job Openings, Mortgage Delinquencies, FOMC Members Randal Quarles and Neel Kashkari speak, Fed Chair Jerome Powell testifies
UK – GDP (monthly), Manufacturing Production, Construction Output, Goods Trade Balance, Index of Services, Industrial Production, Prelim Business Investment, NIESR GDP Estimate, BoE Governor Mark Carney and MPC Member Jonathan Haskel speak
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