European data in focus
A plethora of data is scheduled for publication today in what shapes up to be a hectic day for markets.
The EURUSD opened and closed rather flat yesterday after beginning the day at $1.12410. The pair remained steady early before falling away for most of the day, hitting lows of $1.11903. The euro bounced off those lows, climbing to a high of $1.12610 late in the day. It came off those highs quickly and is now trading at $1.12284. The GBPUSD surged overnight, wiping out the losses it has sustained over the last few days. The pound opened at $1.22973 and slid to lows of $1.22564 mid-session. It remained near those lows for a couple of hours before rallying over the back half of the day, peaking at $1.24011. It has given up some of the gains and is now trading at $1.23777.
The Dow steadied itself overnight after enduring big moves over the last few sessions. It opened at 25,604.35 and declined gradually, hitting lows of 25,430.18 mid-session. It edged up over the next several hours before a brief spike saw it hit a high of 25,904.65 late in the day. It has come off those highs and is now trading at 25,760.33. The Dax followed the Dow’s lead after opening at 12,306.30. Mid-session trading saw the Dax fall to a low of 12,185.58. The German index spent the rest of the session regaining those losses and it eventually hit a high of 12,408.24 before closing at 12,371.80.
The day ahead is jam-packed with data as attention turns to Europe. Europe will be publishing a host of PMI data later tonight. As the continent emerges from the worst of the coronavirus outbreak, it will be important to keep an eye on the speed of economic recovery. PMI data can give markets a good indication of that recovery.
Data published today includes:
China – Caixin Manufacturing PMI
Japan – Consumer Confidence
Australia – Building Approvals, Commodity Prices
UK – Final Manufacturing PMI, Nationwide HPI, MPC Member Jonathan Haskel speaks
Europe – European, German and French Final manufacturing PMIs Italian, Spanish and Swiss Manufacturing PMIs, German Retail Sales and Unemployment Change
US – ADP Non-Farm Employment Change, ISM Manufacturing PMI, Final Manufacturing PMI, ISM Manufacturing Prices, Challenger Job Cuts, Construction Spending, Crude Oil Inventories, Wards Total Vehicle Sales, FOMC Meeting Minutes
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