A fair amount of data set for release today in what shapes up to be another busy one for markets.

The EUR/USD got belted overnight, despite a promising start early. The pair opened at $1.17091, remained flat, then climbed midway through the session until it peaked at $1.17440. The confidence of the euro was short-lived as the dollar flexed its muscle, sending paired currencies tumbling. It was mainly downhill as the pair fell to lows of $1.16482. It rebounded slightly from there but has since fallen to a further low of $1.16475 in early session trading. The GBP/USD followed a similar path after opening at $1.32325. The pound remained flat and then rose to a high of $1.32689. It suffered the same fate as the euro after the USD sent the pair down to a low of $1.30673. It was able to recover better than the euro as it currently trades at $1.31039.

The Dow performed strongly overnight, shaking off fears that last night might have seen a pullback. The Dow opened at 25,050.61 and fell to a low 24,980.96 in later trading. It then rallied, coinciding with Fed Chair Jerome Powell’s testimony. The Dow surged to a high 25,150.00 in very late trading. It is not far off those highs, currently trading at 25,148.80. The Dax surged overnight as well, aided by the rallying Dow and the falling euro. It opened at 12,555.24 and fell to lows of 12,520.70 during the first hour of trade. The Dax remained near those lows but then took off, looking seemingly unstoppable as it raced to a high of 12,737.85. It has come off those highs slightly and closed at 12,714.20.

The day ahead sees the release of several pieces of significant figures. However, markets will be eyeing off the second straight day of testimony of Fed Chair Jerome Powell. He is due to testify in front of the House Financial Services Committee. Other data set for release today includes:

Australia – MI Leading Index

Japan – Trade Balance

Europe – European Final CPI & Final Core CPI

UK – CPI & Core CPI, PPI Input & Output, RPI, HPI, CB Leading Index

US – Building Permits, Crude Oil Inventories, Housing Starts, Beige Book

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