Attention remains on the US
A swathe of data is scheduled for publication today, with the US centre of attention.
The EURUSD opened the day at a low of $1.16606 and started its steady climb early. The gains accelerated mid-session, with the euro peaking at $1.17450 late in the piece. It is not far from those highs, currently trading at $1.17432. The GBPUSD was largely flat overnight but still managed to post some small gains. After beginning the day at $1.28292, the pound marched up to a high of $1.29024 heading into late trading. It fell from those highs, hitting a low of $1.28214 just a couple of hours later. The pound has come off those lows and is now trading at $1.28653.
Indices gave up some of its recent gains overnight, with the Dow and Dax both affected. The Dow started the day at 27,620.29 and built up momentum, hitting a high of 27,744.69 heading into mid-session trading. Things went south from there as the Dow fell away for a large portion on the session, where it eventually bottomed-out at 27,335.82. However, the Dow bounced off those lows and is now trading at 27,560.30. The Dax opened the 12,895.99 and edged up to an early high of 12,943.05. It quickly fell from those highs, hitting a low of 12,730.25 a short time later. The Dax regained some of those losses, closing at 12,817.00.
The day ahead sees the release of stack of data, headlined by the US Final GDP figures. It is expected to show that the US economy contracted by 31.7% in the June quarter.
Other data published today includes:
Japan – Housing Starts
Canada – GDP
Australia – Building Approvals, Private Sector Credit
China – Manufacturing, Non-Manufacturing and Caixin Manufacturing PMIs
UK – Final GDP, Current Account, Nationwide HPI, Revised Business Investment, MPC Member Andy Haldane speaks
US – Final GDP Price Index, Chicago PMI, Pending Home Sales, Crude Oil Inventories, FOMC Members Neel Kashkari and Michelle Bowman speak
Europe – German Import Prices, Retail Sales and Unemployment Change, French Consumer Spending and Prelim CPI, Credit Suisse Economic Expectations, Italian Prelim CPI, KOF Economic Barometer, SNB Quarterly Bulletin, ECB President Christine Legarde speaks
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