Markets turn to Australia for data
Another day crammed with data as Australia takes centre stage.
The EURUSD looked set for another negative session until a small rally late in the day erased earlier losses. The pair opened at $1.12023 and remained steady early, lifting to $1.12160. The euro then fell to a low of $1.11769 mid-session. It rallied off that low and reached a high of $1.12238 just a few hours later. However, it gave up some of those gains late in the day and is currently trading at $1.12061. The GBPUSD was not as fortunate, enduring another negative session overnight. The pair began the day at $1.29024 and was rather flat early, ticking up to a high of $1.29230 mid-session. The losses started shortly afterwards, with the pound tumbling to a low of $1.28249 heading into late trading. It has come off those lows and is currently trading at $1.28460.
The Dow looked set for a negative session after opening at 25,585.48. The index climbed 25,662.96 before falling to lows of 25,341.47. News then broke that Donald Trump will be delaying tariffs on the auto industry which sent the Dow surging almost 400 points, peaking at 25,729.75. It has cone off those highs however but still remains strong, trading at 25,638.42. The Dax once again followed the lead of the day after opening at 12,000.71. The German index ticked up to 12,043.63 before falling over the next several hours to bottom-out at 11,854.13. It didn’t stay down there for long, rallying over the last few hours of the day. The Dax eventually hit highs of 12,110.97 before closing at 12,091.03.
The day ahead features the publication of some crucial employment-related data from Australia. They will be releasing their Employment Change and Unemployment figures. Given the Australian economy is showing signs of weakness including low inflation, it is critical that these employment figures keep improving to strengthen the local economy. It is expected that Australia has added 15,200 jobs over the previous month, down from 25,700 at the last reading, while the unemployment rate is expected to remain steady at 5%.
Other data released today includes:
UK – MPC Member Jonathan Haskel speaks
Australia – RBA Assistant Governor Michele Bullock
Europe – European & Italian Trade Balances, Eurogroup Meetings
Canada – Manufacturing Sales, ADP Non-Farm Employment Change, Foreign Securities Purchases, BoC Financial System Review, BoC Governor Stephen Poloz speaks
US – Building Permits, Housing Starts, Philly Fed Manufacturing Index, Unemployment Claims, Natural Gas Storage, Treasury Currency Report, FOMC Member Lael Brainard speaks
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