A relatively quiet day ahead for announcements, but there is still some important data set for release.

Major currency pairs lifted as the USD weakened overnight. The EUR/USD opened at $1.16641 and fell in early trading. It eventually bottomed-out at $1.16271 before staging a fightback. In mid-to-late-session trading the pair rallied to a high of $1.17121. It has come off those highs slightly, currently trading at $1.17034. The GBP/USD followed a similar pattern to the euro. After opening at $1.32649, it gave up ground until it hit lows of $1.32198. Like the euro, it bounced back and posted some solid gains as it peaked at $1.32901. It is off those highs, currently trading at $1.32769.

The Dow once again struggled under the weight of trade wars. It opened at 24,577.63 and it was mainly downhill from there. The Dow had brief pauses in between drops, but those periods were not enough to stop the Dow from dropping to lows of 24,069.25 in late trading. It was able to bounce off those lows and is currently trading at 24,300.40. The Dax was weighed down by the Dow, despite some relatively good news about Greek debt. The Dax opened at 12,495.60 and peaked at 12,536.60 in the first hour of trade. Like the Dow, the Dax fell from those highs and never looked like recovering. The Dax hit lows of 12,248.60 before recovering slightly to close at 12,310.70.

The day ahead is a somewhat quiet one, but with trade wars lingering in the background, we may see more volatility. The most significant piece of data set for release today is the US CB Consumer Confidence figure. As the name suggests, this figure reflects confidence within the economy. This is quite important as confident consumers tend to spend more of their disposable income, which is an important factor in economic growth. Other data set for release today includes:

Japan – BoJ Core CPI

NZ – Trade Balance

UK – High Street Lending, CBI Realised Sales, MPC Members Jonathan Haskel & Ian McCafferty speak

US – S&P/CS Composite-20 HPI, Richmond Manufacturing Index, FOMC Member Raphael Bostic speaks

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