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The Day Ahead: Top 3 things to watch

Published 08/28/2017, 04:53 PM
Updated 08/28/2017, 04:53 PM
© Reuters.  What to watch our for in tomorrow's session

© Reuters. What to watch our for in tomorrow's session

Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow

US macro data to rescue the dollar?

Dollar bulls will hope that positive US economic data on Tuesday, halts the decline in the greenback, which fell to a more than sixteen-month low against its rivals, following a drop in expectations of a third rate hike later this year.

Economists’ forecast the Conference Board’s consumer confidence gauge fell to 120.3 in August from 121.1 in July.

Consumer sentiment is a leading indicator of consumer spending, which plays a major role in overall economic activity.

The U.S. dollar index, fell by 0.37% to 92.14 on Monday, as concerns over Tropical Storm Harvey’s economic implications added to negative sentiment, following Fed chair Yellen’s disappointing remarks on Friday.

Investors’ fear that Storm Harvey could have overreaching economic implications, as flooding caused by the storm tore through Texas, the second largest U.S. city in GDP terms, disrupting refinery activity.

Euro to surge above $1.20?

The euro could add to gains against the greenback, after surging to a 2 ½ year high on Monday, should data show that France, the Eurozone’s second-largest economy, continues to strengthen.

French consumer spending is expected to bounce back in August, following a slump in July while second quarter economic growth is widely predicted to remain steady at 0.5%.

EUR/USD rose by 0.44% to $1.1978

Apple set for a rally as iPhone 8 launch date nears closer?

Shares of Apple closed 1% higher on Monday, as investors piled into the tech giant’s shares, ahead of a product event on Sept. 12, at which the tech giant is rumored to reveal its iPhone 8.

Apple usually sells its new phones within a week or so of the announcement.

As well as its latest smartphone, Apple is expected to announce several products, including two new iterative iPhone updates.

Apple’s most high-end iPhone 8 is rumored to fetch a price tag starting from $1,000.

Shares of Apple Inc (NASDAQ:AAPL) closed at $161.47, up 1.01%.

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