Attention turns to the US

May 9, 2019

A relatively quiet Thursday coming up, as-far-as the volume of data being published in concerned.

The EURUSD opened and closed flat after looking solid for most of the day. The pair opened at $1.11888 and climbed throughout majority of the day, peaking at $1.12129 late in the day. Shortly after that high, the euro slumped to lows of $1.11820. It managed to rebound off those lows and is currently trading at $1.11960. The GBPUSD fell overnight after opening the day at $1.30702. The pair traded near those levels early in the day, bumping up to a high of $1.30798. Mid-session saw the pound fall, continuing its slide until it bottomed-out at $1.29861. It came off those lows and is currently trading at $1.30122.

The Dow was quite muted in trade yesterday, consolidating its position after the sell-offs that have occurred at the start of the week. The index opened at 25.992.09 and traded near those levels early, before falling to a low of 25,842.82 mid-session. It managed to bounce off those lows and rally to high of 26,122.86 before falling back to its current level of 25,953.24. The Dax turned its fortunes around, ending the day in positive territory. The German index opened the day at 12,094.42 and dipped to an early low of 12,066.59. The Dax rallied off that low, peaking at a high of 12,222.30 late in the day before closing at 12,188.86.

The US will be publishing PPI later tonight. PPI reflects the change in price of finished goods and services sold by producers. Expectations is that there will be 0.2% change, compared to 0.6% at the last reading.

Other data released today includes:

China – CPI, PPI

Japan – Consumer Confidence

Canada – Trade Balance, NHPI

US – Core PPI, Trade Balance, Unemployment Claims, Final Wholesale Inventories, Natural Gas Storage, Fed Chair Jerome Powell speaks

 

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