A jam-packed day of data releases from around the world has turned a normally mundane Tuesday into one that could shape the week ahead.

The EUR/USD began the week strongly, steadily climbing throughout most of the day until it reached a high of $1.19956. From that point however, the USD seemed to grow in strength (possibly as tensions escalated in Gaza), sending paired currencies lower. The pair fell to lows of $1.19223. It is not far off those lows, currently trading at $1.19306. The GBP/USD fared better than the euro but followed a similar trading pattern. The pound started the week at lows of $1.35391 but began to gain upward momentum fairly early in the session. The pair rallied until it briefly broke into $1.36 territory, where it peaked at $1.36074. It fell away at that point, falling to $1.35541 before recovering slightly to its current level of $1.35618.

The Dow looked set to continue its strong performances until a small pullback saw it drop around 100 points. It began the week at 24,899.42, climbed to 24,982.49, fell to 24,885.20, rallied to session highs of 24,992.16 before falling away to a low of 24,855.43. It regained some of those losses to be currently trading at 24,900.70, virtually the same point it opened the week at. The Dax struggled to emulate its strong form it showed last week, ending the session in the red. The Dax opened at highs of 13,032.80 then fell away quickly from there. Over the next few hours it declined until it reached a low of 12,926.00. It recovered some of those losses in late trading, closing at 12,974.60.

The day ahead is full of data for traders to digest. With data being released by most of the major countries around the world, today will likely keep most traders glued to their economic calendars and news outlets. The most significant data being published today is the Retail & Core Retail Sales figures from the US. As a main driver of consumer spending in the US economy, these figures are crucial to help markets gauge the growth of the US economy. Other data set for release today includes:

Australia – Monetary Policy Meeting Minutes, RBA Assistant Governor Guy Debelle speaks

Japan – Tertiary Industry Activity

China – Industrial Production, Fixed Asset Investment, Retail Sales

UK – Average Earnings Index, Claimant Count Change, Unemployment Rate

Europe – European Flash GDP, German Prelim GDP, French Final CPI, Swiss PPI, French Prelim Private Payrolls, European & German ZEW Economic Sentiment, European Industrial Production

US – Empire State Manufacturing Index, Mortgage Delinquencies, Business Inventories, NAHB Housing Market Index, TIC Long-Term Purchases, FOMC Member John Williams speaks

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