US data eyed

March 10, 2021

Focus turns to the US as it publishes crucial economic data.

The EURUSD opened the day at $1.18461 and slipped to an early low of $1.18347. The euro rallied off that low, peaking at $1.19155 heading into late trading. It has come off those highs and is now trading at $1.18965. The GBPUSD began the day at $1.38205 and dipped to lows of $1.38004 shortly afterwards. The pound surged off those lows and hit a high of $1.39252 late in the day. It has come away from those highs and is now trading at $1.38844.

The Dow steadied ship yesterday, consolidating the strong gains it made during the previous session. The Dow started the session at 31,881.65 and traded in a tight range for most of the day, climbing to highs of 32,140.06 late. It fell from those highs and hit a low of 31,814.37, where it is currently trading. It was a similar story for the Dax, however it managed end the session slightly higher. It opened the day at 14,420.65 and declined to lows of 14,313.02 mid-session. Bouncing off those lows, the German index climbed to a late high of 14,477.85. It is now trading at 14,443.40.

The day ahead sees the release of CPI & Core CPI data from the US. Inflation is tipped to have risen 0.4%, while core inflation is expected to have grown by 0.2% over the previous month.

Other data published today includes:

China – CPI, PPI

Europe – French Industrial Production

Canada – Overnight Rate, BoC Rate Statement

US – Crude Oil Inventories, Federal Budget Balance

 

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