US data eyed

July 9, 2020

Attention returns to the US as markets await the release of jobs-related data.

The USD weakened overnight, sending paired currencies up across the board. The EURUSD began the day at $1.12718 and remained flat early, slipping to lows of $1.12616. Mid-session trading saw the pair begin its ascent, where it hit a high of $1.13513 late in the day. It has come off those highs and is now trading at $1.13330. The GBPUSD opened the day at $1.25358 and remained steady early, before dipping to lows of $1.25074 mid-session. Those lows were not maintained for long as the pound climbed to a high of $1.26224. It is not far off those highs, currently trading at $1.26070.

The Dow made some modest gains overnight after opening at 25,904.66. Early trading saw the index fall to a low of 25,784.70 before enduring swings throughout the back half of the day. Late trading saw the Dow eventually peak at 26,126.59. It has managed to stay above 26,000 and is now trading at 26,067.64. The Dax ended yesterday’s session slightly ahead after starting the day at 12,574.03. The German index stumbled early but then lifted to a high of 12,674.54 mid-session. Those highs were not held for long as the Dax fell away late in the day, hitting lows 12,454.61 before closing at 12,589.90. It is currently trading at 12,602.19

Markets will be eyeing off the latest Unemployment Claims figure from the US when it is released later tonight. A further 1,375,000 people are expected to have filed for unemployment benefits over the previous week, down slightly from the 1,427,000 recorded the week before.

Other data published today includes:

China – CPI, PPI

Canada – Housing Starts

NZ – ANZ Business Confidence

Japan – Prelim Machine Tool Orders

Europe – Eurogroup Meetings, German Trade Balance

US – Final Wholesale Inventories, Natural Gas Storage


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