European data eyed

March 24, 2021

A packed day ahead coming up with a stack of data scheduled for release.

Investors piled into the USD overnight, sending paired currencies down. The EURUSD opened the day at $1.19304 and edged up to a high of $1.19401 early. Things went south from there as the euro fell to lows of $1.18413 just before the close. It is now trading at the same level. The GBPUSD began the day at $1.38614 and ticked up to a high of $1.38639 shortly afterwards. The pound fell from those highs, hitting a low of $1.37394 late in the day. It has fallen further and is now trading at $1.37299.

Indices also had a tough time overnight, with both the Dow and Dax ending the session lower. The Dow started the day at 32,790.10 and lifted to an early high of 32,827.69. Things went downhill from there as the Dow dropped almost 500 points to bottom-out at 32,375.03 late in the day. It has come off those lows and is now trading at 32,445.17. The Dax opened at 14,680.85 and fell over the first half of the day, hitting a low of 14,524.09 mid-session. It rallied off those lows, hitting a high of 14,717.30 late. It could not hold onto those gains however as it fell leading into the close, eventually ending the session at 14,623.17. It is now trading at 14,600.70.

Europe, Germany and France will come into focus as they publish Services and Manufacturing PMI figures. Meanwhile, Fed Chair Jerome Powell prepares to testify before the Senate Banking Committee.

Other data published today includes:

Australia – CB Leading Index

Europe – Consumer Confidence, ECB President Christine Legarde speaks

UK – CPI, Core CPI, Flash Manufacturing & Services PMIs, PPI Input & Output, RPI, HPI

US – Durable & Core Durable Goods Orders, Flash Manufacturing & Services PMIs, Crude Oil Inventories, FOMC Members John Williams, Mary Daly and Charles Evans speak

 

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