Economic data to halt USD downward trend?
January 24, 2018
Europe Market Movements
The GBP has continued its upward trend, breaking through the 1.4000 mark against the USD. This morning at 7:10 AM GMT it was trading at 1.4022. Don’t miss today’s employment data from the UK which might boost or reverse the pound’s rally. The EUR is also waiting for trader reaction, with the Manufacturing and Services PMI out at 9:00 GMT. Ever since July last year, it’s been seeing a steady rise against the CHF, up from 1.1024 on July 27 to 1.1556 this morning. Will today see a further rise?
US/Canada Market Movements
The USD has continued to fall against major currencies, down against the loonie by 0.06% this morning and the EUR rising to 1.2317, up from yesterday’s 1.2256. A host of US data today might help the greenback recover some lost ground, but again, due to Canada’s large crude oil sector, the EIA Crude Oil Stocks might boost the CAD. All eyes tomorrow on the possible effects of Donald Trump’s speech in Davos.
Asia/Oceania Market Movements
Strong manufacturing data helped the yen’s climb against the USD, with the greenback trading today at 109.967, down from yesterday’s 110.966. The JPY is also up against the NZD, with the kiwi falling by 0.27% yesterday. How will the kiwi react tonight (GMT) to the consumer price index?
The price of crude has fallen slightly, reacting to API data showing a rise in US inventories. On traders’ radar screen – today’s EIA Crude Oil stocks. Soybean and herbicide giant Monsanto, is facing increasing competition for the genetically modifies soy market. Competitors BASF SE and DowDuPont are preparing to push their own gm soy beans. Traders are following this news item closely.
Good news from the US earnings season is resulting in stock rises with the S&P 500 closing yesterday at a record high. NASDAQ also saw gains as did the MSCI Emerging Markets Index. Watch out for General Electric today.
|09:00GMT||EUR: Markit Manufacturing PMI|
|09:30 GMT||GBP: Average Earnings; ILO Unemployment Rate; Claimant Count Change|
|14:45 GMT||USD: Markit Manufacturing Index|
|15:30 GMT||USD: EIA Crude Oil Stocks|
|21:45 GMT||NZD: Consumer Price Index|