A lack of top-line data from the usual suspects US, Europe and the UK means we turn our attention to some significant figures emanating from China.

The EUR/USD took a tumble overnight as the euro showed signs of weakness. The pair hit an early high of $1.23788 before things got ugly. The next several hours eventually saw it tumble to lows of $1.22979. it then kicked back up to $1.23395 but was not able to hold onto all of those gains. It is currently trading at $1.23277. The GBP/USD had vastly different fortunes than the euro. It fell to lows of $1.41445 reasonable early before taking off over the next several hours. The pair peaked at $1.42458, then gave up some of those gains to be currently trading at $1.42313.

The Dow surged overnight, with several factors coming into play. News of Donald Trump possibly re-joining the Trans-Pacific Partnership had markets in a good mood. The Dow was quite flat in early trading, hitting lows of 24,170.52. From that point on, it mainly piled on the value as markets were in a confident mood. It did have some big dips on its way up, but it still managed to peak at 24,593.85. It has pared back some of those gains, currently trading at 24,423.00. The Dax rallied along with the Dow, which was also aided by a falling euro. The Dax fell to session lows of 12,261.00 from the open yesterday but it was basically on its way up for the rest of the session. It peaked at 12,436.00 and closed not far off that high, where it is currently at 12,424.70.

The day ahead appears to be a quiet one as far as Friday’s go. But we know that Friday is notorious for market volatility. The most significant data set for release today is the Trade Balance data. As China continues to be a massive importer of goods, other economies rely on these imports into China to help keep their own economies strong. Away from data and there are a few things to keep an eye on as we head into the weekend. The most notable include the possible involvement of US in the TPP and also the escalating tensions surrounding Syria. Other data set for release today includes:

China – USD-Denominated Trade Balance

Australia – RBA Financial Stability Review

Europe – German Final CPI, European Trade Balance

US – Prelim UoM Consumer Sentiment & Inflation Expectations, JOLTS Job Openings

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