China data headlines a busy day for announcements
Plenty of data set for release today from around the world with focus shifting to China.
The USD weakened during yesterday’s trading session, with fears of war in Syria somewhat subsiding. The EUR/USD traded in a tight range early yesterday, reaching lows of $1.23229 before rallying to highs of $1.23941 a matter of hours later. It is not far off those highs, currently trading at $1.23844. The GBP/USD followed a similar pattern, although it opened at lows of $1.42287. It remained reasonably flat for a few hours before taking off. It climbed to a high of $1.43441. It is a fraction below that now, trading at $1.43421.
The Dow produced another solid effort in the wake of a less dire situation in Syria. It opened around 150 points higher than Friday’s close, then dipped to lows of 24,420.30 a few hours later. It then rebounded and rallied until it reached a peak of 24,678.93. It fell slightly from that point before recovering to its current level of 24,652.10. The Dax was underwhelming, despite the Dow rally. The Dax was also hampered by a rallying euro. It started the session at highs of 12,501.30 before declining for most of the session. It eventually hit lows of 12,376.60 before recovering some of those losses to close at 12,420.40.
The day ahead is packed full of data, with the main focus being on the GDP data from China. As the second largest economy in the world, growth in the Chinese economy is crucial to other economies as the imports that China bring in to fuel their economy helps prop up the bottom-line of smaller economies. Other data set for release today includes:
Australia – Monetary Policy Meeting Minutes
NZ GDT Price Index
Japan – Revised Industrial Production, Trade Balance
Canada – Foreign Securities Purchases, Manufacturing Sales
UK – Average Earnings Index, Claimant Count Change, Unemployment Rate
China – Fixed Asset Investment, Industrial Production, Retail Sales, NBS Press Conference
Europe – European & German ZEW Economic Sentiment, Italian Trade Balance
US – Housing Starts, Capacity Utilisation Rate, Industrial Production, FOMC Members John Williams, Randal Quarles and Raphael Bostic speak
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