Another day of significant data releases sees attention turn to the UK.

The EUR/USD remained largely flat after opening the week at $1.15943. The pair hit an early low of $1.15882 before starting its slow climb up, peaking at $1.16272 late in the session. It could not hold onto those highs however and is currently trading at $1.16158. The pound continued to show signs of weakness after opening the week at $1.29101. The GBP/USD bumped up to an early high of $1.29333. It performed an about-face, falling over the next few hours to bottom-out at $1.28535. The pair recovered slightly, then remained flat for the rest of the session. It is currently trading at $1.28684.

The Dow re-entered 26,000 territory overnight, posting some small gains. The index opened at 26,004.65 and declined to a low of 25,946.43 during early-session trading, in what looked like another negative day. However, the Dow managed to turn its fortunes around, surging to a high of 26,066.29 late in the day. It could not hold onto those highs and is now trading at 26,011.10. The Dax was virtually a corpse overnight, barely raising a whimper throughout the session. The German index opened at 12,329.70 and lifted to a high of 12,358.40. Those gains were quickly given up and it plodded along before dropping to a low of 12,298.40. Like the gains, the losses were short-lived as the Dax recovered and closed at 12,337.00, within three point of its opening price.

The day ahead is blotted with significant announcements but none more so than the Inflation Report Hearings from the UK. These hearings are held by the Parliament’s Treasury Committee and is attended by the BoE Governor and MPC members. At this meeting, BoE members testify on the inflation and economic outlook for the UK. Other data set for release today includes:

UK – Construction PMI

NZ – GDT Price Index

Canada – Manufacturing PMI

Europe – PPI, Spanish Unemployment Change, Swiss PPI & CPI

Australia – Cash Rate, RBA Rate Statement, Current Account, RBA Governor Philip Lowe speaks, AIG Services Index

US – Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending, ISM Manufacturing Prices, IBD/TIPP Economic Optimism, Total Vehicle Sales

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