ECB meeting looms
Focus turns to Europe as markets await the latest ECB meeting.
Currencies were rather flat overnight, with both the euro and pound taking a breather from recent movements. The EURUSD started the day at $1.20353 and ticked up to an early high of $1.20431. From there, the euro declined to lows of $1.19976 mid-session. Those levels were not held for long as the pair regained most of its earlier losses, closing at $1.20348. It is now trading at $1.20370. The GBPUSD began the day at $1.39345 and edged up to a high of $1.39491 early. Mid-session trading saw the pair fall to lows of $1.38845 before bouncing back and closing at $1.39276. The pound is currently trading at $1.39371.
Indices bounced back to life overnight, recovering most of the losses sustained in the previous session. The Dow opened 33,822.64 and slipped to lows of 33,747.80 mid-session. Late trading saw the Dow rally to a high of 34,162.16 before closing at 34,088.24, where it is now trading. The Dax followed the Dow’s lead when it opened at 15,165.39. It remained steady for the first half of the day, dipping to lows of 15,084.03 heading into late trading. Rallying off those lows, the German index peaked at 15,279.54 just before the close. It is now trading at 15,257.50.
The day ahead sees focus shift to Europe where the ECB will be wrapping up its latest monetary policy meeting. While interest rates are tipped to remain on hold, markets will be eyeing any other supplementary information that comes out of that meeting for indications on the state of the European economy.
Other data published today includes:
Canada – NHPI
UK – CBI Industrial Order Expectations
US – Unemployment Claims, CB Leading Index, Existing Home Sales, Natural Gas Storage
Europe – ECB Monetary Policy Statement and Press Conference, European Consumer Confidence, Swiss Trade Balance
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