Plenty of significant data set for release today that could bring with it volatility.

The euro broke back into $1.17 territory last night, overcoming a lacklustre period that threatened to see the currency push down below $1.16. The EUR/USD opened at $1.16886 and fell to lows of $1.16749 reasonably early. It then spent a good chunk of the session climbing until it reached a high of $1.17247. It has since come off those highs and is currently trading at $1.17098. The GBP/USD showed short-lived signs of life, but largely remained flat. The pair opened at $1.32261 and was rather flat in early trading. It then climbed to a high of $1.32925, but quickly gave up those gains and fell to lows of $1.32159 a short time later. It regained some of those losses but remains almost unmoved from its opening price yesterday, currently trading at $1.32334.

The Dow started the session strongly, reaching highs of 25,098.61 fairly early. It ebbed and flowed until it began to slide mid-session. The Dow eventually bottomed-out at 24,971.20 but was able to pare back a lot of those losses. In early morning trading, it is trading at 25,052.15. The Dax surged quite early in its session after opening at 12,542.26, peaking at 12,606.25. It gave up those gains just as quick and in fact fell to session lows of 12,503.30 a few hours later. However, it was able to recover a large part of those losses, rallying into the end of the session, closing at 12,578.30.

The day ahead sees focus turn to the US where Fed Chair Jerome Powell is set to testify on the Semi-annual Monetary Policy Report before the Senate Banking Committee. This could give markets some insights into the thinking behind the decisions being made by policymakers. This could also give some insight into monetary policy outlook for the near and medium term. Other data set for release today includes:

Australia – Monetary Policy Meeting Minutes

Canada – Manufacturing Sales

NZ – GDT Price Index

UK – Average Earnings Index, Unemployment Rate, Claimant Count Change, BoE Governor Mark Carney speaks

US – Capacity Utilisation Rate, Industrial Production, NAHB Housing Market Index, TIC Long-Term Purchases

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