A relatively quieter Wednesday as far as announcements go, with speeches by central bank figures coming into focus.

The USD largely held its own against a basket of currencies overnight. The EUR/USD continued to trade in the $1.17 range, although slightly down from 24 hours ago. The pair is currently at $1.1775, down from $1.1793 where it was the same time yesterday. The GBP/USD has seen more of a movement, dipping back down into the $1.31 region, where it is currently at $1.3194. This is likely due to the strengthening USD and some underwhelming data from the UK last night.

US stocks ended the session reasonably flat overnight, although the Dow at one point broke through the 23,000-mark, before settling at a new high of 22,997.44, up 40.48 points (+0.18%). The S&P 500 edged slightly higher, adding 1.72 points (+0.07%) to close at 2,559.36. Meanwhile, the NASDAQ ended the session ever so slightly in the red, down 0.35 points (-0.01%) to close at 6,623.66. Major European stocks all closed slightly lower overnight, The FTSE shaving 10.80 points (-0.14%) to close at 7,516.17, while the DAX dipped back below the 13,000-mark to settle at 12,995.06, down 8.64 points (-0.07%).

Gold fell off a cliff overnight, with investors buoyed by equities and the talk that the next Fed Reserve chair is likely to be more hawkish than Janet Yellen. The precious metal dropped over $10 from this time yesterday, before showing some signs of life again and adding a couple of dollars to its value along the way. Gold is currently trading at $1,288.20.

Today’s events sees central bank figures coming into focus, most notably Mario Draghi. As the head of the ECB, what he has to say about the European economy is significant. As Europe deals with economic recovery and Brexit negotiations, it will be intriguing to hear his views on the future of monetary policy for the continent. Two Fed Reserve Members, William Dudley and Robert Kaplan, are also due to speak. These speeches could have an impact on both their respective currencies, therefore also the EUR/USD. Other events today include:

Canada – Manufacturing Sales

UK – Average Earnings Index, Claimant Count Change, Unemployment Rate

US – Crude Oil Inventories, Beige Book, Building permits, Housing Starts