A busy day ahead with plenty of data releases emanating from around the world.

The USD gained in strength overnight sending major pairs down. The EUR/USD opened at $1.16156 and bumped up to a high of $1.16171 during the first hour. The pair traded fairly flat for the first few hours before starting its slide. The pair eventually hit a low of $1.15289 late in the session before rebounding and rallying to its current level of $1.15827. The GBP/USD opened at $1.28675 and nudged up to a high of $1.28751 shortly after opening. Like the euro, the pound began its decline, falling to a low of $1.28082 late in the session. It recovered some of those losses, currently trading at $1.2867.

The Dow reversed some of the gains it has made lately after opening at 26,012.84. The index climbed to a high of 26,057.10 early, then fell sharply over the ensuing hours to bottom-out at 25,804.01. However, it managed to climb late in the session, erasing a lot of those losses and is now trading at 25,949.30. The Dax was once again underwhelming, despite a promising start. The German index opened at 12,336.71 and climbed to a high of 12,403.90 early. Things took a turn for the worse after reaching that high, plummeting to a low of 12,161.30 a few hours later. It recovered slightly to close at 12,218.80.

The day ahead is packed full of data, highlighted by the Australian GDP figure. This is probably the most significant piece of economic data that a country can produce that reflects economic growth. Other data set for release today includes:

China – Caixin Services PMI

NZ – ANZ Commodity Prices

UK – Services PMI

US – Total Vehicle Sales, Trade Balance

Canada – Overnight Rate, BoC Rate Statement, Trade Balance, Labour Productivity

Europe – Retail Sales, European, German and French Final Services PMIs, Italian & Spanish Services PMIs

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