Quite a huge day as far as markets are concerned, with the UK being the most likely to move markets. The US and Europe also feature quite prominently.

The UK is likely to provide the most volatility to the markets as the Bank of England meets to decide official interest rates. This will most likely move markets no matter what is decided. They are also releasing information regarding their Asset Purchase Facility. This information is important as it makes up their quantitative easing program (QE) by way of bond purchasing. Earlier in the night, the Royal Court of Justice is due to rule on whether the parliament or the government has the constitutional power to trigger Article 50. This article is paramount to the progression of Brexit. If the court rules that the parliament must vote in order to enact Article 50, this has the possibility to delay the start of Brexit negotiations (particularly since it was such a close vote and so many members of parliament supported the ‘Remain’ campaign). The UK is also releasing its Services PMI.

Europe is set to announce a few pieces of data later today. Included in this data is: Spanish Unemployment Change, ECB Economic Bulletin, Italian Monthly Unemployment Rate and European Unemployment Rate. The unemployment rates are important as they reflect the strength of the labour markets in the respective countries. The Economic Bulletin gives us an indication of the overall economic health of Europe.

The US is set to announce a rage of data, including: Unemployment Claims, Prelim Nonfarm Productivity, Prelim Unit Labor Costs, Final Services PMI, ISM Non-Manufacturing PMI and Factory Orders. The Unemployment Claims, Nonfarm and Unit Labour figures all give us an insight into the US labour market including the cost of labour and productivity. The PMI figures highlight the relative strength of their respective sectors while Factory Orders is a leading indicator of production.

Elsewhere, Australia is releasing Trade Balance figures, China is releasing their Caixin Services PMI, while the Swiss are releasing SECO Consumer Climate data.