UK Budget looms
Plenty of action coming up today, as markets look to the UK and its annual budget release.
The EURUSD remained largely flat overnight after beginning the session at $1.16058. Mid-session trading saw the pair nudge up to a high of $1.16253 before falling away, hitting lows of $1.15842 a few hours later. It has since regained some of those losses and is now trading at $1.16017. The GBPUSD showed more signs of life when it opened at $1.37627. The pair slid to early lows of $1.37559 before taking off mid-session, peaking at $1.38290. However, it performed an about-face and gave up all of its gains as quickly as it got them. It is now trading at $1.37707.
The Dow began the day at 35,767.36 and slipped to a low of 35,745.51 during the first hour of trade. From there, it began a slow climb up, hitting a high of 35,898.46 in late trading. The dying hours of the session saw the Dow give up a chunk of those gains, closing at 35,788.20. It is currently trading at 35,771.30. The Dax performed strongly overnight after it opened at 15,652.39. It dipped to an early low of 15,634.56 before rallying to a high of 15,786.60 mid-session. It maintained most of those gains for the rest of the session and is now trading at 15,725.40.
The day ahead sees focus turning the UK and its upcoming budget release. As this is an annual event, this will contain significant economic policies that could cause some movement in markets.
Other data published today includes:
Canada – Overnight Rate, BoC Rate Statement and Monetary Policy Report
US – Durable & Core Durable Goods Orders, Goods Trade Balance, Prelim Wholesale Inventories, Crude Oil Inventories
Europe – European M3 Money Supply & Private Loans, German Import Prices & GfK Consumer Climate, Credit Suisse Economic Expectations
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