ORBEX | Feb 28, 2019 02:32AM ET
The U.S. dollar attempted to pare losses from Wednesday. Economic data on the day was relatively quiet from the Eurozone. Germany’s Bundesbank President Jens Weidmann gave a speech where he said that he would like to lead the central bank. Weidmann has been a harsh critique of Mario Draghi and the ECB’s ultra-loose monetary policy. The euro did not react much to the comments.
Canada’s headline inflation rose by 0.1% on the month, which was below estimates of a 0.2% increase. On a year over year basis, headline inflation increased by 1.9% matching estimates. However, the BoC’s core inflation rate remained well above 2.0% which is the inflation target rate.
Final U.S. wholesale inventories report showed a 1.1% increase on the month in January. Factory orders, however, rose just 0.1% in December, missing estimates of a 1.5% increase. Pending home sales were stronger than expected, rising 4.6% against estimates of a 0.7% increase.
More data from around the world
The economic calendar today gets off to a busy start. Earlier, in the Asian trading session, Australia’s private Capex released figures forQ4 and a 2.0% increase. Economists forecast that Capex would rise 1.1% during the fourth quarter. This follows a 0.5% decline from the third quarter.
China’s manufacturing PMI report released earlier today showed a decline to 49.2 for February. This was lower than the forecasts of a drop to 49.5.
The European trading session kicks off with the quarterly GDP report from Switzerland. Data should show a 0.4% increase in the quarter during the three months ending December. This follows a 0.2% decline in the third quarter.
Germany’s preliminary inflation report is due later today including France. Inflation should rise by 0.5% on the month in Germany. French inflation should increase by 0.4% which would reverse the 0.4% decline from the month before.
The NY trading session today will see the release of the advance GDP report. Forecasts point to a 2.6% increase in GDP during the quarter ending December 2018. This would mark a slower pace of growth during the period.
EUR/USD Intraday Analysis
USD/JPY Intraday Analysis
XAU/USD Intraday Analysis
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.