Another busy day for markets with plenty of information set for publication. Geo-political risks could also move markets.

Major currencies continued to rally due to a weakening USD overnight. The EUR/USD opened at $1.14787 and hit a session low of $$1.14768 during that opening hour. The pair climbed for most of the session after that, peaking at $1.16010 very late in the session. It has come off those highs and is currently trading at $1.15719. The story was very similar for the pound, after the GBP/USD opened at $1.27943. The pair dipped to lows of $1.27892 a short time late before rallying. The pair climbed to a high of $1.29238, which was achieved late in the session. It has come off those highs and is currently trading at $1.29043.

US stocks look set to maintain their strong performances of late, until news broke that Donald Trump’s former lawyer has implicated, under oath, that the President directed him to engage in election funding mismanagement. This led US stocks to dive late. The Dow opened at 25,753.56 and rallied throughout early and mid-session trading until it reached a high of 25,891.26 late in trading. It then fell off a cliff after news about the President broke, with the US index giving up all of those gains to hit a low of 25,725.43. It has opened lower this morning, currently trading at 25,698.80. The Dax was able to post some modest gains overnight after opening at 12,317.63. The German stock dropped to a low of 12,308.90 a short time later before bouncing back and rallying over the next few hours. The Dax hit highs of 12,432.30 and remained steady for a few hours before weakening into the close, closing at 12,382.40.

The day ahead could bring plenty of volatility as the latest Donald Trump saga plays out. Australia also has its own political dramas, with the current Prime Minister set to be deposed and a new person installed. When that will be is anyone’s guess. As for market information, the most significant set for release is the FOMC Meeting Minutes from the US. These minutes are from the last Fed Reserve meeting and will contain a more detailed look at the economy and the outlook for monetary policy settings. Other data set for release today includes:

Japan – All Industries Activity

Canada – Retail & Core Retail Sales

US – Crude Oil Inventories, Existing Home Sales

Australia – MI Leading Index, Construction Work Done, RBA Assistant Governor Guy Debelle speaks

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