Markets look to UK data

October 9, 2020

Market interest turns to the UK as it releases several pieces of data.

The EURUSD began the day at $1.17608 and climbed to a high of $1.17811 mid-session. Things went south from there as the euro fell to lows of $1.17320 late in the day. Those lows were not held for long however as the pair recovered a large portion of those earlier losses. It is currently trading at $1.17662. The GBPUSD followed a similar path to the euro after opening at $1.29103. A solid start to the day saw the pound rise to a high of $1.29701 mid-session. Falling from those highs, the pair dropped to lows of $1.28903 a couple of hours later. However, the pound regained some of those losses and is now trading at $1.29375.

Indices made further gains overnight, despite doubts over the stimulus bill in the US. The Dow started the day at 28,294.22 and gradually marched north, peaking at 28,567.56 late. It fell from those highs, bottoming-out at 28,268.94 a short time later. It recovered in the dying hours of the session and is now trading at 28,552.30. In Europe, the Dax opened at 12,950.40 and dipped to a low of 12,928.75 in the first hour of trade. It climbed off those lows and hit a high of 13,103.75 late in the day. It is not far off those highs and is currently trading at 13,082.40.

The day ahead sees focus shift to the UK and the publication of monthly GDP data. The forecast is for a 4.6% growth in the UK economy during the month of August, after falling off a cliff just a few months earlier.

Other data published today includes:

China – Caixin Services PMI

US – Final Wholesale Inventories

Europe – French & Italian Industrial Production

Canada – Employment Change, Unemployment Rate

UK – Construction Output, Goods Trade Balance, Index of Services, Industrial and Manufacturing Production

 

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