All eyes are on The US Fed Reserve meeting, set to finalised in the early hours of tomorrow morning.

The USD ran riot during yesterday’s session, pushing down other major currencies. This was helped in-part by European markets being closed. The EUR/USD peaked early has it reached a high of $1.20837. It was pretty much downhill from there, save a few temporary reprieves from the onslaught. The pair eventually bottomed-out at $1.19794 in late trading. The pair is not far off those lows at the moment, trading at $1.19895. It was the same story with the pound. The GBP/USD peaked at $1.37718 early before following the fate of the euro as the dollar took control. The pair progressively weakened until it fell to lows of $1.35873. It has bounced back slightly, currently trading at $1.36079.

The Dow endured a bumpy session but closed within 100 points of its open. The Dow hit session highs of 24,233.60 early, then began to pullback. Over the next several hours it steadily declined until it dropped to lows of 23,796.81. From that point however, it staged a recovery and regained most of those losses, closing at 24,134.53. In early trading this morning, it is trading at 24,083.10. The Dax was closed yesterday due to a bank/public holiday.

The day ahead is full of data being published from around the world but it is the US where markets turn their attention. The conclusion of the two-day Fed Reserve meeting tomorrow morning will end with an interest rate decision and supporting commentary. While it is not expected that they will move rates, it is critical to listen to the commentary given by policy makers in-regards-to economic outlook and future monetary policy settings. Other data set for release today includes:

China – Caixin Manufacturing PMI

Japan – Consumer Confidence

UK – Construction PMI

Australia – AIG Services Index

US – ADP Non-Farm Employment Change, Crude Oil Inventories

Europe – Swiss SECO Consumer Climate & Retail Sales, European, German and French Final Manufacturing PMIs, Italian, Spanish and Swiss Manufacturing PMIs, Italian Monthly Unemployment Rate, European Unemployment Rate, Italian Prelim GDP, European Flash GDP, German Buba President Jens Weidmann speaks

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