A relatively quiet Wednesday as far as announcements go, but there is still some important information set for release.

The EUR/USD went on a bit of a roller coaster ride last night as the USD showed some strength. The pair hit session highs of $1.22832 early before sliding over the following few hours, to get to session lows of $1.21945. The pair then proceeded to regain most of those losses as it is currently trading at $1.22606. The GBP/USD followed the same path, hitting an early high of $1.38050 before fading and reaching lows of $1.37410. As with the Euro, it has regained most of those losses, trading at $1.37936.

The Dow was a wild ride overnight as it gained as much as 130 points from its opening price to hit a high of 26,094. It then tumbled almost 400 points to session lows of 25,700.00. The last couple of hours of trade saw the Dow shoot up 150 points where it is currently sitting at 25,849.20. The Dax started in promising fashion, but typical of the index lately, the promise was short lived. It gained 150 points early to get to session highs of 13,351.60 before tumbling the rest of the night as the index shed over 200 points to bottom out at 13,133.10. It has recovered ever so slightly, trading at 13,149.35.

Turning to events of the day and the most important information emanates from Europe and the US. Europe is releasing Final CPI data, while the US is publishing Industrial Production and Capacity Utilisation figures. These figures have the potential to affect their respective currencies as well as the Dow and Dax. Other data set for release today include:

New Zealand – ANZ Commodity Prices

Australia – Westpac Consumer Sentiment & Home Loans

UK – MPC Member Michael Saunders speaks

Europe – Final Core CPI

Canada – Overnight Rate, BoC Rate Statement, BoC Monetary Policy Report

US – NAHB Housing Market Index, TIC Long-Term Purchases, Beige Book, FOMC Loretta Mester speaks