Australian data in focus

February 18, 2021

Attention turns to Australia as they release crucial economic data.

Currencies continued their slide overnight as the USD gains momentum. The EURUSD opened the day at $1.21062 and nudged up to a high of $1.21065 shortly after the open. The euro declined from that point as it hit lows of $1.20223 late in the day. It has come off those lows and is now trading at $1.20441. The story was similar for the GBPUSD after it started the day at $1.39013. It edged up to a high of $1.39063 during the opening hour before a gradual slide saw it bottom-out at $1.38291 late. It has bounced off those lows and is now trading at $1.38645.

The Dow remained steady for most of the session until a rally off its lows saw the index end the day higher. It began the day at 31,547.98 and traded in a tight range until it fell to lows of 31,350.58 late in the day. The Dow powered off those lows, hitting highs of 31,647.74 just before the close. That momentum has continued and it is now trading at 31,663.30. The Dax struggled overnight, ending the day in the red. The German index opened the day at 14,040.274 and crept up to a high of 14,073.67 early. The fortunes of the Dax took a 180 degree turn as the index fell to lows of 13,881.59 before a late reprieve saw it close at 13,943.90.

The day ahead sees the publication of Employment Change and Unemployment Rate figures from Australia. The nation is tipped to have added 30,200 jobs over the previous month, while the unemployment rate is expected to drop to 6.5%.

Other data published today includes:

Canada – NHPI, ADP Non-Farm Employment Change

UK – MPC Member Michael Saunders speaks

Europe – Consumer Confidence, Swiss Trade Balance, ECB Monetary Policy Meeting Minutes

US – Philly Fed Manufacturing Index, Building Permits, Housing Starts, Import Prices, Unemployment Claims, Natural Gas Storage, Crude Oil Inventories, FOMC Member Lael Brainard speaks


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