Plenty of data about today, with the main focus centred on events from the US.

The EUR/USD weakened overnight as the USD continued its dominance. After opening at $1.17807, it fell to $1.17401 a short time later. It then rallied over the next few hours to a high of $1.18084. It remained just below $1.18 for the next few hours before it tumbled late in trading. It hit a low of $1.17322 and has pared back some of those losses to be currently trading at $1.17459. The GBP/USD showed some big movements last night as it showed more strength than its European counterpart. It opened at $1.33715 and fell to lows of $1.33410 as it moved into mid-session trading. It then spiked to $1.34185 two hours later and then gave up most of those gains as it tumbled back down to $1.33488. The pair spiked again, rallying to session highs of $1.34244. It gave up most of those gains and is currently trading at $1.33691.

The Dow endured a rough ride yesterday after opening at 25,330.82 It gradually reached highs of 25,390.60 a few hours into the session and then ebbed and flowed throughout mid-session trading. In late trading however, it experienced a sharp drop and an equally sharp recovery. It fell from 25,326.11 to a low of 25,244.83 in the space of an hour. The following hour it went from those lows and rallied to 25,333.84. It is not far from that point, currently trading at 23,351.30. The Dax finished the session weaker after starting strongly. The Dax rallied to a high of 12,947.00 early before giving up those gains. It reached lows of 12,810.50 a matter of hours later and remained largely flat for the rest of the session. The Dax closed at 12,846.80.

The day ahead is a busy one, with the main focus centred around the US. The Fed Reserve will announce its interest rate settings for the country in a meeting where it is widely expected in will lift interest rates. The lifting of rates is likely to cause some volatility as will the language used in the commentary that will accompany this rate decision. Other data set for release today includes:

Australia – RBA Governor Philip Lowe speaks

Europe – Swiss PPI, European Employment Change & Industrial Production

UK – CPI & Core CPI, HPI, RPI, PPI Input & Output, RICS House Price Balance

US – PPI & Core PPI, Crude Oil Inventories, FOMC Press Conference, FOMC Economic Projections

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