A relatively quiet Wednesday, but there is still some significant data set for release.

The EUR/USD opened at $1.15892 and rallied mid-session to a high of $1.16434. It could not hold onto those highs however, falling to lows of $1.15644 a few hours later. The pair mounted a spirited comeback and is currently trading at $1.16004. The pound followed a similar path to the euro after opening at $1.30239. The GBP/USD climbed slowly and then spiked to a high of $1.30868 mid-session. The pair declined a few hours later to lows of $1.29634. Like the euro, the pound bounced off those lows, climbing to its current $1.30161 level.

The Dow looked set for another woeful session but was able to rally late. The index opened at 25,879.05 and remained flat early. The middle of the session saw the Dow fall to lows of 25,750.75 before the surge began. Over the next few hours, the Dow rallied to highs of 26,021.42. It is not far off those highs, currently trading at 26,005.30. The Dax look set for a disastrous session, but a late rally was able to recover most of those losses. The German index opened at 11,998.99 and climbed to a first-hour high of 12,024.00. The Dax then plummeted to session lows of 11,861.10 a few hours later. It spent the rest of the session trying to recover those losses and closed at 11,990.00.

The day ahead is scattered with data announcements, with the most significant being the US PPI figure. This figure reflects the change in price of finished goods and services sold by producers. This data feeds into the overall inflation in the US economy. Other data set for publication today includes:

Australia – Westpac Consumer Sentiment

NZ – FPI

UK – RICS House Price Balance

Canada – Capacity Utilisation Rate

Europe – European & Italian Industrial Production, Italian Quarterly Unemployment Rate

US – Core PPI, Crude Oil Inventories, Beige Book, FOMC Member Lael Brainard speaks

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