Plenty of data set for release today with both the UK and US publishing significant economic data.

The EUR/USD went on a bit of a wild ride yesterday. After climbing as high as $1.23402 early, it dropped to session lows of $1.22892. From that point however, it strengthened until it hit session highs of $1.23451.It has come off those highs slightly, trading now at $1.23333. The GBP/USD followed a different path throughout the session. It remained reasonably flat in early trading, eventually falling to session lows of $1.38400. It staged a turnaround as it rallied to session highs of $1.39170. It is not far of that high currently, trading at $1.39029.

The Dow took off from the open yesterday, piling on more than 100 points in its first hour of trading. The gains continued until it reached highs of 25,507.98. From that point on however, it gave up all of those gains as it dropped more than 350 points to session lows of 25,150.00. It has come off those lows since then, trading at 25,211.50. The Dax was resilient in the face of market pressures, but still ended the session weaker than what it opened at. The Dax reached session highs of 12,477.96 in the first hour of trading. From that point on, it was unable to hold on to those gains, eventually falling to lows of 12,359.25. It bounced back from those lows to be currently trading at 12,407.75.

Looking at the day ahead and the most significant events for the day is the release of the Annual Budget from the UK as well as CPI & Core CPI data from the US. Look for these releases to have an effect on USD and GBP-paired currencies. Other data set for release today include:

Japan – PPI, Tertiary Industry Activity

Australia – Home Loans, NAB Business Confidence, RBA Assistant Governor Michele Bullock & Christopher Kent speak

NZ – Current Account

Canada – BoC Governor Stephen Poloz speaks

US – NFIB Small Business Index

Europe – ECOFIN Meetings, French Final Private Payrolls, Italian Quarterly Unemployment Rate

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