European data in spotlight

August 21, 2020

A stack of data is set for publication today as we round out another busy week.

The EURUSD made some small gains overnight after beginning the day at $1.18332. The pair was flat early, ticking up to a high of$1.18685 mid-session. Late-session trading saw the euro hit lows of $1.18014 before rebounding and regaining most of its earlier losses. That momentum has continued into Friday and it is now trading at $1.18701. The GBPUSD made strong gains overnight, erasing most of the losses sustained the day before. The pair began the day at $1.30888 and slipped to lows of $1.30631 mid-session. Bouncing off those lows, the pound rallied to a high of $1.32240 in the final hour of the day. It is currently trading at $1.32306.

The Dow looked in trouble early but was able to recover most of the ground lost in the previous session. The index opened at 27,687.28 and fell sharply to lows of 27,458.57 early. It was basically all up from there as the Dow rallied to a high of 27,788.64 late in the day. It has continued to push up and is currently trading at 27,828.30. The Dax started the day at 12,888.89 and ticked up to a high of 12,907.41 in the first hour of trade. A sell-off shortly afterwards saw the Dax hit lows of 12,734.51. It spent the rest of the day trying to recover those losses, eventually closing at 12,857.39. It has opened Friday higher and is now trading at 12,908.00.

The day ahead sees the publication of a host of data, with focus shifting to Europe. PMI data is scheduled to be released later today as markets look to positive signs and further economic recovery.

Data published today includes:

NZ – Credit Card Spending

Canada – Retail & Core Retail Sales, NHPI

US – Flash Manufacturing & Services PMIs, Existing Home Sales

Europe – European, German and French Flash Manufacturing & Services PMIs

UK – Flash Manufacturing & Services PMIs, Retail Sales, Public Sector Net Borrowing, CBI Industrial Order Expectations

 

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