The economic numbers in Europe were so good on Tuesday that investors have taken the day off to celebrate! A quick look at Wikipedia tells us that today is “a Christian festival celebrated in honor of all the saints, known and unknown. In Western Christianity, it is celebrated on 1 November by the Roman Catholic Church, the Anglican Communion, the Methodist Church, the Lutheran Church, and other Protestant churches.”
European stock markets remain open today, though, and have registered solid gains across the Continent, led by a very punchy +213 point increase in Germany’s DAX which stands at a record high of 13,435. French equities are up 0.4%, Spain is up +0.3% and the EuroStoxx index is 0.8% higher. In foreign exchange markets, however, the EUR has been much more subdued. Since the start of trading in Sydney overnight, EUR/USD has been trapped in a 25 pip range from 1.1628 to 1.1653 and there’s no great hurry to push it one way or another at the moment.
With the holiday today, the Eurozone PMI numbers are not being published until Thursday when we’ll also get the latest read on the German labor market. Spoiler alert: it’s pretty buoyant.