Hectic week ahead

October 12, 2020

A deluge of data is scheduled for publication this week as the US election heats up.

The USD weakened on Friday, sending paired currencies higher. The EURUSD opened the day at $1.17558 and slipped to a low of $1.17474 in the first hour of the session. It was basically all one way from there as the euro peaked at $1.18306 in the final hour of the trading week. It has started the week slightly lower and is now trading at $1.18173. The GBPUSD began the day $1.29308 and dipped to lows of $1.29142 shortly after the open. It then stayed within a tight range in early trading. Mid-session trading saw the pound build momentum, peaking at $1.30490 late. It has opened lower on Monday and is now trading at $1.30350.

The Dow made solid gains on Friday after opening at 28,505.01. It was steady for the first half of the day, sliding to lows of 28,444.13 heading into late trading. Bouncing off those lows, the Dow rallied to a high of 28,689.22 just before the close. It has started Monday lower and is now trading at 28,604.30. The Dax headed in the opposite direction when it opened at 13,101.57. It ticked up to a high of 13,108.71 shortly after the open but fell away for most of the day, hitting a low of 13,007.17 late. It bounced off those lows, closing at 13,056.40.

The week ahead sees the release of a stack of data, headlined by the publication of Retail & Core Retail Sales data from the US. This week also sees Donald Trump return to the campaign trail after previously being laid low by the coronavirus.

Data published today and the most significant this week includes:

Today – Swiss SECO Economic Forecasts, German WPI, Japanese Prelim Machine Tool Orders

Tuesday – US CPI & Core CPI, UK Claimant Count Change, BoE Governor Andrew bailey speaks

Wednesday – US PPI & Core PPI

Thursday – Australian Employment Change and Unemployment Rate, US Unemployment Claims and Philly Fed Manufacturing Index, RBA Governor Philip Lowe speaks

Friday – US Retail & Core Retail Sales, Prelim UoM Consumer Sentiment


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