European data rounds out week

February 21, 2020

A swathe of data is scheduled for release, with Europe coming into focus.

The struggles for the euro continue after opening the day at $1.08097. The EURUSD ticked up to a near-high of $1.08147 early in the day before falling away over the next few hours to hit a low of $1.07773 mid-session. It bounced off those lows, climbing to a high of $1.08206 heading into late-session trading. However, the final few hours saw the euro give up most of its previous gains, ending the day at $1.07829. It is not far off that close, currently trading at $1.07842. The GBPUSD edged lower overnight after trading in a tight range for most of the day. The pair began the day at $1.29153 and lifted to a high of $1.29278 early in the trading day. The pound slipped from those highs and fell to lows of $1.28476 mid-session. It spent the rest of the day trying to recover earlier losses and is now trading at $1.28845.

The Dow suffered a sell-off late in the day to ensure that it ended the session in the red. The index started the day at 29,381.56 and nudged up to a high of 29,446.65 early in the day. It fell around 200 points and remained steady for a large chunk of the day before a sharp sell-off saw it fall over 370 points to hit lows of 28,947.92. A late rally pegged back some of those losses before closing at 29,169.00. The Dax followed the Dow’s lead, enduring a negative session. The German index opened at 13,805.03 and edged up to an opening-hour high of 13,828.15 before falling around 100 points over the next few hours. The Dax remained steady until late trading, where it sold off further, bottoming out at 13,645.52. It rebounded in the dying hours of the day, closing at 13,724.07.

The day ahead sees the publication of a stack of data, with Europe the centre of attention. Europe will be releasing a stack of PMI data later tonight in what could bring some more volatility to the euro.

Today’s data release includes:

Canada – Retail & Core Retail Sales

Japan – National Core CPI, Flash Manufacturing PMI, All Industries Activity

UK – Flash Manufacturing & Services PMIs, Public Sector Net Borrowing, MPC Member Silvana Tenreyro speaks

Europe – European, German and French Flash Manufacturing & Services PMIs, European CPI & Core CPI, Belgian NBB Business Climate

US – Flash Manufacturing & Services PMIs, Existing Home Sales, FOMC Members Richard Clarida, Robert Kaplan and Lael Brainard speak


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