A stack of information is slated for publication today in what could be a volatile session.

The EURUSD opened and closed flat but saw some large movements throughout the session. The pair began the day at $1.17383 and slid to lows of $1.17214 early. It bounced off those lows, rallying to a mid-session high of $1.18073. Those highs were not held for long as the euro fell to $1.17274 and closed at $1.17388, where it is now trading. The GBPUSD opened at $1.30632 and was steady early, before climbing to a high of $1.31313 mid-session. The pound fell away from those highs over the back end of the day, hitting lows of $1.30403. It is now trading at $1.30509.

The Dow looked set for another strong showing, until a sell-off late in the day saw it give up just about all of its earlier gains. The index started the day at 27,763.20 and climbed to highs of 28,165.69 mid-session, remaining near those levels for a few hours. Late-trading saw a sharp sell-off, resulting in the Dow hitting a low of 27,627.23 and closing at 27,763.20. It is now trading at 27,769.30. The Dax was able to buck the trend, despite falling away late in the day. The German index began the day at 12,735.45 and dipped to lows of 12,718.83 in the first hour of trade. Rebounding off those lows, the Dax surged to a mid-session peak of 13,049.17. It fell away from those highs late in the day and closed at 12,825.82. It is currently trading at 12,867.35.

The day ahead sees the release of monthly and quarterly GDP data from the UK. The quarterly figure is expected to show a contraction of 20.5% in the economy in the 3 months ending June. While this is indeed grim reading, there are perhaps some “green-shoots”. Although the quarterly figure shows a contraction, the monthly figure for June shows an 8.1% improvement in GDP. This would seem to suggest that the worst months for the UK economy were April and May, while the recovery started in June.

Other data published today includes:

Europe – European Industrial Production

Japan – Prelim Machine Tool Orders

NZ – Official Cash Rate, RBNZ Rate Statement, Monetary Policy Statement and Press Conference

US – CPI & Core CPI, Crude Oil Inventories, Federal Budget Balance, FOMC Member Robert Kaplan speaks

UK – Construction Output, Goods Trade Balance, Index of Services, Industrial Production, Manufacturing Production, Prelim Business Investment, NIESR GDP Estimate

Disclaimer: The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs. We recommend you seek independent advice if necessary.