A day packed full of announcements, with key UK data in focus.

The US Fed Reserve kept rates on hold overnight as it suggested that inflation could go up more aggressively, in a sign of an improving US economy. This language sparked a strengthening of the USD against a basket of major currencies.

The EUR/USD was one of the currency pairs affected by the Fed meeting, the pair tumbling from a high of $1.24738 to a low of $1.23851. It has since recovered from that low, currently trading at $1.24100. The GBP/USD pair was affected as well, falling from a high of $1.42319 to a low of $1.41498. It has also recovered somewhat, currently trading at $1.41902.

The Dow continues its struggle of the last couple of days. After gaining as much as 250 points, it began its tumble back down, hitting a session low of 26,042.94. It has since fought its way back off those lows, currently trading at 26,205.00. The Dax continues its woes, hitting a high of 13,268.00 early, before falling away to session lows of 13,157.73. It is currently trading at 13,197.90.

Looking ahead to today and the most significant data is the UK Manufacturing PMI data. As uncertainty surrounds the UK economy as Brexit negotiations continue, markets will continue to look at UK data closely as it needs to be reassured that the UK can remain strong whilst exiting the European common market. Other data set for release today includes:

China – Caixin Manufacturing PMI

Australia – Commodity Prices

UK – Nationwide HPI

Canada – Manufacturing PMI

Europe – Spanish, Italian & Swiss Manufacturing PMIs, European, German & French Final Manufacturing PMIs, Swiss Retail Sales, Swiss SECO Consumer Climate

US – Challenger Job Cuts, Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending, ISM Manufacturing Prices, Natural Gas Storage, Total Vehicle Sales, Prelim Non-Farm Productivity, Prelim Unit Labour Costs, Unemployment Claims

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