It’s another big week ahead for data, while there are events aside from data that could have huge economic implications for the US.

The Euro soared on Friday night as the USD weakened dramatically ahead of a government spending bill meeting. The EUR/USD was stable in very early trading on Friday, hitting a low of $1.20286, before rocketing up at breakneck speed. It went up almost 2 cents during the rest of the trading session, hitting a high of $1.22185. It is now trading at $1.22000. The weaker USD ensured that the pound soared as well. It went from a session low of $1.35360 to gain 2 cents with a high of $1.37430. It is currently trading at $1.37305.

The Dow went off to the races on Friday, continuing its remarkable run, rallying 250 points off its lows. It ended the session at another all-time high of 25,827.20. The Dax continues to underwhelm as it fell around 80 points, before rallying 100 points, then backing away from session highs to be currently trading at 13,240.10.

Gold was a big winner from the weakening USD. After dropping to session lows of $1,322.42, it shot up as high as $1,339.55. It has since come back from those highs in early Monday trading, currently trading at $1,336.08.

Looking at the week ahead and there is plenty of data for traders to sink their teeth into. This week is also an important week for the US economy and the government. A crucial meeting to approve the government’s spending bill is slated for later in the week, with both parties in congress needing to agree on the spending bill to avoid a government shutdown. This has been made even more complicated with the opposition party demanding that a key immigration policy be agreed upon before the spending bill is approved. With the alleged comments made by the President regarding different nations around the world, it has put the present at odds with this policy.

Key data releases this week include:

Monday – European Trade Balance, MPC Member Silvana Tenreyro speaks. US public holiday

Tuesday – UK CPI & PPI Input, US Empire State Manufacturing Index, SNB Chairman Thomas Jordan speaks

Wednesday – European Final CPI, MPC Member Michael Saunders speaks, US Industrial Production & Capacity Utilisation Rate, Canadian Overnight Rate & Rate Statement

Thursday – Australian Employment Change & Unemployment Rate, Chinese GDP & Industrial Production, US Building Permits, Unemployment Claims & Crude Oil Inventories

Friday – UK Retail Sales, US Prelim UoM Consumer Sentiment, FOMC Member Randal Quarles speaks