Plenty of data set for release this week as we approach the end of the calendar year.

The EUR/USD pair went on a bit of a roller coaster ride on Friday, strengthening to a high of $1.19396, then dipping to a low of $1.18496. It has fluctuated since then and it is now trading at $1.18652. Part of the weakening of the pair is due to the strengthening USD. This was as a result of the US Senate passing the tax reform legislation, which is a major win for the Trump administration. The stronger USD also affected the GBP/USD. It hit a peak of $1.35406, then progressively got weaker throughout the night. It reached a low of $1.34440. It is not far off that level now, currently trading at $1.34478.

The Dow lost ground throughout the last trading session, although most of the trading occurred before the tax cut votes had taken place. The Dow peaked at 24,322.00, then within the next hour, it plummeted as much as 400 points, before regaining most of those losses. It is currently trading at 24,237.50. It was a similar story with the NASDAQ and S&P 500. The NASDSAQ hit a session high of 6364.52 then fell as much as 120 points before bouncing back to its current level of 6341.74. The S&P 500 peaked at 2650.63, then fell off a cliff, losing as much as 50 points, then rebounded to its current level of 2,643.17. European stocks were oddly similar. The DAX, after shedding more than 100 points in its first hour of trade, hit a peak of 13,025.31, then dropped over 200 points, before regaining some of those losses. It is currently trading at 12,944.47. The FTSE reached heights of 7,352.37, dropped 75 points, then bounced back to where it sits presently at 7,329.70.

Looking at the week ahead and there is plenty of data that will keep traders keenly watching the markets. This will be highlighted by the US Non-Farm Payrolls this Friday. Away from data and all eyes will be on the Trump administration. Markets await the next stage of the tax reform legislation to begin. The world will keep an eye on the ongoing investigation into the administration’s links with Russia during the election campaign.

The data set for release today and the most significant data for the rest of the week includes:

Today – Australian Company Operating profits & ANZ Job Advertisements, UK Construction PMI, Japanese Consumer Confidence, US Factory Orders, Spanish Unemployment Change, European PPI & Sentix Investor Confidence, Eurogroup Meetings

Tuesday – RBA Cash Rate, RBA Rate Statement, Current Account and Retail Sales from Australia, UK Services PMI

Wednesday – US ADP Non-Farm Employment Change, US Crude Oil Inventories, BoC Overnight Rate, US ISM Non-Manufacturing PMI, Australian GDP

Thursday – Australian Trade Balance, US Unemployment Claims, ECB President Mario Draghi speaks

Friday – UK Manufacturing Production, US Non-Farm Unemployment Change, Unemployment Rate & Average Hourly Earnings