A busy Wednesday coming up, with plenty of data slated for release.

The EUR/USD looked set for another torrid session until a rally late in the day recovered its earlier losses. The pair opened the day at $1.14895 and traded in a tight range early before tumbling mid-session to lows of $1.14308. Just when it looked like it was heading below $1.14, the euro turned it around and rallied over the late hours of the session to peak at $1.15028. It is not far off that high, currently trading at $1.14960. The GBP/USD finished the session strong after looking shaky early on. The pair opened at $1.30851 and climbed to $1.31044 early before falling mid-session to a low of $1.30319. Like the euro, the pound bounced off those lows, with the pair surging to a high of $1.31494 late in the day. It is currently trading at $1.31424.

The Dow weakened overnight, taking a breather from the rally that occurred the day before. The index opened at 26,522.01 and remained steady early before declining mid-session to lows of 26,327.07. However, it was able to bounce off those lows and rallied to a high of 26,546.00 late in the day. It could not hold onto those highs and is currently trading at 26,490.20. The Dax continues to disappoint, plagued by uncertainty surrounding Italy and Brexit. The German index opened at 11,939.27 and fell to lows of 11,797.40 a few hours later. It was able to rally off that low, climbing to a high of 12,003.30 however it came away from those highs, closing at 11,959.80.

The day ahead sees the release of a host of data, headlined by the UK GDP figure. The forecast figure is a wafer-thin 0.1% growth, down from 0.3% in the previous reading. During uncertain times and with Brexit still lingering, it is crucial that the UK still produces strong figures in order to instil confidence in the economy. Other data set for release today includes:

NZ – FPI

Canada – Building Permits

Australia – Westpac Consumer Confidence

Europe – French & Italian Industrial Production

Japan – Core Machinery Orders, Prelim Machine Tool Orders

US – Treasury Currency Report, PPI & Core PPI, Final Wholesale Inventories

UK – Manufacturing Production, Construction Output, Goods Trade Balance, Index of Services, Industrial Production, MPC Member Andy Haldane speaks

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