Both the US and Europe have a swathe of data set to be released later today/tomorrow morning that has the potential to have a huge effect on markets.

The most important announcement comes out in the early hours of tomorrow morning with the US Fed Reserve meeting taking place. While it is tipped to leave interest rates on hold, it will still be keenly watched as the markets will look for any clues or indications on what monetary policy will be like going into the future. Also out of the US is the release of ADP Non-Farm Employment Change and Crude Oil Inventories. The Employment Change data is quite important as it gives us a good indication into the strength of the labour market within the US. Crude Oil inventories have a big influence on world oil prices. Since this is a weekly figure, it can be quite volatile, so any major swing either way (build-up or draw-down) can swing oil prices rapidly.

Out of Europe, there is plenty of data available for the astute trader. Among data to be released is: Spanish Manufacturing PMI, Italian Manufacturing PMI, French Final Manufacturing PMI, German Unemployment Change, German Final Manufacturing PMI and European Manufacturing PMI. All of the PMI figures are important as they give us an idea of the strength of the manufacturing industry. the German Unemployment Change is important as it gives us a indication of the health of the labour market in Europe’s largest economy.

Elsewhere around the world, Japan is coming out with their Monetary Base data along with Consumer Confidence figures. UK is releasing Nationwide House Price Index as well as Construction PMI, while Australia is releasing Building Approval data.