A busy day ahead with plenty of data set for release from around the world, with the most significant data emanating from the US.

The Euro rallied late last night as the European economy looks to strengthen. At the same time, the USD weakened against a basket of major currencies. With both currencies moving in opposite directions. it ensured there was a big spike in the EUR/USD. The pair rallied from $1.1665 that it was trading at this time yesterday, to shoot up as far as $1.1804. It has retreated slightly to it’s current level of $1.1799. The pound showed some signs of life, after being lacklustre for most of the trading session yesterday. The GBP/USD dipped down into $1.30 territory, before strengthening last night. It now is trading at $1.3161.

US stocks all finished lower across the board, with nothing in the economy inspiring them to push higher. US stocks have been in a malaise for the past week or so. The Dow retreated 30.23 points (-0.13%) to close at 23,409.47. The S&P 500 dropped 5.97 points (-0.23%) to end the session at 2,578.87. The NASDAQ lost 19.72 points (-0.29%) to close at 6,737.87. European stocks wren’t much better, the DAX losing 40.94 points (-0.31%) to close at 13,033.48. Meanwhile, the FTSE remained flat, shaving 0.76 points (-0.01%) to close at 7,414.42.

Gold went on a bit of a wild ride yesterday, trading as low as $1,271.00, before bouncing back to its current level of $1,280.09.

Today brings with it some crucial data, particularly from the US. In the early hours of tomorrow morning, the US is releasing CPI, Core CPI, Retail and Core Retail Sales data. These figures are vital as they are good indicators that reflect the health of the US economy. These figures have the potential to move markets, including the USD and USD -paired trades. Other data set for release today includes:

Australia – Westpac Consumer Sentiment, Wage Price Index, New Motor Vehicle Sales, Assistant RBA Governor Luci Ellis speaks

Japan – Prelim GDP, Prelim GDP Price Index, Revised Industrial Production

Europe – French Final CPI, European Trade Balance

US – Empire State Manufacturing Index, Business Inventories, Crude Oil Inventories

UK – Average Earnings Index, Claimant Count Change, Unemployment Rate, CB Leading Index, MPC Member Ben Broadbent speaks