US data eyed

August 26, 2020

The US is again in the spotlight as it releases some important economic figures later tonight.

The EURUSD bounced back on Tuesday, erasing most of the losses it sustained on Monday. The pair opened the day at $1.17838 and dipped to a low of $1.17833 early. The euro climbed off those lows, hitting a high of $1.18431 late in the day. It has come away from those highs and is now trading at $1.18284. The GBPUSD began the day at $1.30625 and slipped to a low of $1.30527 in the opening hour of the day. The pound rallied for most of the day, peaking at $1.31698. Those highs were not held for long as it gave up some of those gains late in the day. It is now trading at $1.31425.

The Dow was steady overnight, taking a breather after a strong start to the week. The index started the day at 28,293.09 and climbed to high of 28,533.88 mid-session. It remained near those levels for a few hours before falling away late in the day, bottoming-out at 28,095.43 late. It has come off those lows and is now trading at 28,235.30. The Dax opened at 13,113.08 and lifted to a high of 13,225.52 early. However, it gave up some of those gains in short order and gave up the rest late in the day, eventually hitting a low of 13,007.59. It has come off those lows and is now trading at 13,093.30.

The day ahead sees the publication of some important economic data from the US in the shape of Durable and Core Durable Goods Orders. Durable Goods Orders are tipped to grow by 4.4%, while Core Durable Goods are expected to grow by 1.9%. Both are down (7.6% and 3.6% respectively) from the previous month but are still substantial given the fact the coronavirus is still wreaking havoc on the US economy.

Other data published today includes:

Australia – Construction Work Done

US – Crude Oil Inventories

Europe – Credit Suisse Economic Expectations

UK – MPC Member Andy Haldane speaks

Canada – Governing Council Member Carolyn Wilkins speaks

 

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