US inflation figures eyed
Markets turn their attention to the US with the release of some important economic data.
The euro continues to struggle, falling below $1.09 overnight. The EURUSD opened at $1.09143 and remained steady in early trading before ticking up to a high of $1.09249 mid-session. However, it fell away soon afterwards, hitting lows of $1.08643 late in the day. It has come off those lows and is now trading at $1.08732. The GBPUSD opened and closed flat, despite almost hitting $1.30 at one stage. The pair opened at $1.29496 and dipped to a low of $1.29473 in the first hour of trade. The pound climbed steadily from that point, eventually peaking at $1.29910 mid-session. It came away from those highs in late trading and is now at $1.29547.
The Dow hit another record high overnight in what was a solid performance. The index opened at 29,306.98 and slipped to a low of 29,254.42 shortly after the open. It bounced off those lows and marched its way to a high of 29,582.09, which was achieved late in the day. The Dow is now at 29,547.00. The Dax followed the Dow’s lead, posting solid gains overnight. The German index began the day at 13,643.64 and dipped to lows of 13,068.87 in the opening hour of the day. It rebounded and rallied for the rest of the day, peaking at 13,783.34 late before closing at 13,772.16.
The day ahead sees the release of some crucial economic data from the US. The US will be publishing CPI and Core CPI data in the early hours of tomorrow morning. Inflation is expected to come in at 0.2% (in line with the previous reading), while core inflation is tipped to edge up slightly from 0.1% to 0.2%.
Other data published today includes:
Canada – BoC Governor Stephen Poloz speaks
UK – RICS House Price Balance
Europe – German Final CPI, EU Economic Forecasts
US – Unemployment Claims, Natural Gas Storage
Australia – MI Inflation Index, RBA Governor Philip Lowe speaks
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