Plenty of data set for release today. The UK is where markets will turn their interest to.

Currencies tried to fight back against a strengthening USD but remained relatively flat during the session. The EUR/USD opened at $1.13699 and showed some signs of life early. The pair hit a low of $1.13641 early in the session before bumbling through the next few hours. It then gained some momentum as it climbed to a high of $1.14328. It could not hold onto those highs and quickly gave up some of those gains. It is currently trading at $1.13993. The GBP/USD followed a similar path to the euro after opening at $1.27413. The pair climbed briefly but then pulled back throughout early trading. The pound dropped to lows of $1.27289 mid-session but was able to quickly bounce off those lows to climb over the next few hours until it peaked at $1.27905. Like the euro, the pound could not hold onto those highs and gave up some of those gains. It is currently trading at $1.27611.

The Dow endured a mixed session after opening at 25,324.10. The index dropped to near-session lows of 25,164.80 before turning that decline around and rally during the middle of the session. The Dow eventually hit a high of 25,375.28 but quickly gave up those gains in late trading, sinking to a low of 25,146.66. It has bounced of those lows and in early morning trading and is currently sitting at 25,255.10. The Dax remained largely flat during yesterday’s session, still unsure of what to make of the plummeting Turkish lira. European banks have lent quite a lot of money to Turkey, so a sharply falling lira makes it harder for European banks to be repaid what they have lent. The Dax opened at 12,341.89 and reached a low of 12,322.00 during the first hour of trade. The German index struggled to a high of 12,398.50 before giving up some of those gains. It closed at 12,350.40.

The day ahead sees the publication of a host of data, with the Average Earnings Index out of the UK the most significant. This figure reflects the wage growth of people in the UK, which is crucial to help spur growth in the economy. Other data set for release today includes:

Australia – NAB Business Confidence

Japan – Revised Industrial Production

UK – Claimant Count Change, Unemployment Rate

US – Mortgage Delinquencies, Import Prices, NFIB Small Business Index

China – Industrial Production, Fixed Asset Investment, Retail Sales, Unemployment Rate

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

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