US data eyed

June 30, 2020

Quite a busy Tuesday for markets, brought about by a shortened trading week for the US.

The EURUSD opened the week at a low of $1.12140 and rallied over the first half of the day, peaking at $1.12873 mid-session. Those highs were not kept for long as the euro pulled back over the back half of the day, hitting a near-session-low of $1.12189 late. It rebounded off that point and is now trading at $1.12451. The GBPUSD continues to give up recent gains after beginning the week at $1.23330. The pound looked good early as it climbed to a high of $1.23886 mid-session. Things took a grim turn shortly afterwards as the pair tumbled to lows of $1.22503 late in the day. It has bounced off those lows and is now trading at $1.23071.

The Dow began the week with a bang, shaking off the sell-off it endured last Friday. The index opened the week at 24,909.21 and dipped to a low of 24,871.85 in the first hour of trade. It surged off those lows, peaking at 25,674.21 late in the day. It is currently trading at the same level. The Dax followed the Dow’s lead after starting the week at 12,042.90. The German index declined early, bottoming-out at 11,945.77. It rallied off those lows, hitting highs of 12,294.95 late in the day. It is now trading at 12,322.90.

The day ahead sees the release of a stack of data as attention turns to the US. The US will be publishing CB Consumer Confidence figures later tonight in what could be seen as a good indicator to how fast the economic recovery will be in the world’s largest economy. It is forecast to post a figure of 91.6, up from 86.6 recorded at the last reading.

Other data published today includes:

Canada – GDP

Japan – Housing Starts

UK – Final GDP, Current Account, Revised Business Investment, MPC Members Jon Cunliffe and Andy Haldane speak

Europe – European CPI & Core CPI Flash Estimates, French & Italian Prelim CPIs, French Consumer Spending, Swiss Retail Sales, Swiss KOF Economic Barometer

US – Chicago PMI, S&P/CS Composite-20 HPI, Fed Chair Jerome Powell testifies, FOMC Members John Williams, Lael Brainard and Neel Kashkari speak

 

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