Plenty of data set for release today from around the world that will keep traders interested.

The EUR/USD pair had a strange day of trading yesterday, as it remained fairly stable through early trading. Midway through the night however, it had a significant spike, going from a near session low of $1.19306 to $1.20000 in the space of an hour. It climbed a little further in the following two hours to hit session highs of $1.20175, before dropping off for the rest of the night, giving up most of those gains. It is currently trading at $1.19506. The GBP/USD was less dramatic, but followed a similar trend to the Euro. This points to a weakening USD as both the EUR and GBP pairings both went up around the same time. The pound weakened early on, then spiked from session lows of $1.34809 to $1.35440 in the space of an hour. It hit session highs of $1.35616 in the following hour before falling away and losing most of the earlier gains. It is currently trading at $1.35060.

The Dow started the session well, then over a four-hour period tumbled as much as 150 points to get to a session low of 25,247.00. It then regained all of those losses and got to near session highs of 25,406.00, dropped 60 points, then pared back some of those losses to be currently sitting at 25,380.00. The Dax had a poor showing last night as it gave up a hunk of gains it had made over the last few days. It was at session highs of 13,380.70 from the open, then it progressively got worse throughout the night. It dropped as much as 160 points to lows of 13,220.00. it regained a small amount of those losses as it is currently trading at 13,264.20.

Turning to events of the day and most of the attention will be focussed locally as Australia releases its Retail Sales data. The AUD is sensitive when it comes to major data releases, so we could see some movement in the currency if it diverges from expectations. The US PPI data is also an important piece of information to look out for. The rest of the data today includes:

Japan – Leading Indicators

UK – BoE Credit Conditions Survey

Canada – NHPI

New Zealand – Building Consents

Europe – Italian Retail Sales, European industrial Production, ECB Monetary Policy Meeting Minutes

US – Core PPI, Unemployment Claims, IBD/TIPP Economic Optimism, Natural Gas Storage, Federal Budget Balance, FOMC Member William Dudley speaks