A smorgasbord of data set for release this week which could result in plenty of market volatility.

The EUR/USD weakened on Friday after a promising start to the session. The pair opened at $1.17754 and remained flat in early trading. It climbed to a high of $1.18020 and stayed near those levels for an hour or two before the decline set in. The euro fell over the next few hours until it hit session lows of $1.17313, where it remained for the rest of the session. It is currently trading at $1.17450. The GBP/USD collapsed after a Brexit speech made by Theresa May spooked markets. The pair opened at $1.32581 and nudged up to a high of $1.32789 early before plummeting over mid-to-late-session trading. The speech by May, in which she said that the UK and the EU were at an impasse as far as Brexit negotiations go, only exacerbated the tumbling pound. The pound eventually found a bottom, hitting lows of $1.30529. It has remained near those levels and is currently trading at $1.30751.

The Dow took a breather after the rallies of the last week or so. Opening at 26,696.01, the index dipped to an early low of 26,684.09 before climbing to a high of 26,785.42 later in the session. From there, the Dow dropped to near session lows but was able to recover some of those losses. It has struggled in early morning trading, opening lower and currently trading at 26,668.80. The Dax performed strongly after opening at 12,376.99. The German index climbed to session highs early, peaking at 12,460.50. The Dax then slid backwards, hitting lows of 12,370.10 a few hours later. The Dax was able to recover some of those losses and closed at 12,414.40.

The week ahead is a huge one for markets, with a deluge of data being published. The most significant economic event this week is the US interest rate meeting in the early hours of Thursday morning. While a lift in interest rates is expected, the commentary from policymakers is also key to listen to. The data released today and the most significant this week include:

Today – UK FPC Statement & CBI Industrial Order Expectations, Canadian Wholesale Sales, ECB President Mario Draghi speaks, Japan & China bank holidays

Tuesday – US CB Consumer Confidence, BoJ Governor Haruhiko Kuroda speaks

Wednesday – NZ ANZ Business Confidence

Thursday – FOMC Economic Projections, FOMC Statement, US Federal Funds Rate, FOMC Press Conference, NZ Official Cash Rate, RBNZ Monetary Policy Statement, RBNZ Rate Statement, RBNZ Press Conference, US Crude Oil Inventories, ECB President Mario Draghi speaks, US Core Durable Orders & Final GDP

Friday – US Fed Chair Jerome Powell and BoC Governor Stephen Poloz speak, UK Current Account, Canadian GDP

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