Markets continue its downward spiral overnight as sellers continue to overpower the buyers.

The EUR/USD opened at a low of $1.15176 and trended up for majority of the trading day. The pair climbed to $1.15720, retreated to $1.15338, climbed again to reach highs of $1.15988 before falling back to $1.15439. It regained those later losses and it is not far off those highs, currently trading at $1.15911. The GBP/USD followed a similar path the euro, but the retreats more pronounced. The pair opened $1.31880 and rallied early to near-session highs of $1.32435 before declining mid-session to lows of $1.31814. It bounced off those lows to hit highs of $1.32472 a few hours later. However, the movements weren’t finished as the pound dropped back to near-session lows of $1.31822 before again bouncing back to its current level of $1.32315.

The Dow looked set to shake off the disaster from the previous session after opening at 25,461.04. The index dropped 200 points early and then steadied for a few hours before it climbed to session highs of 25,673.32. It could not hold onto those highs however, sinking to lows of 24,886.98 late in trading. From that low, the Dow is trying to mount a spirited recovery and is currently trading at 25,323.30. The struggles for the Dax continued, weighed down by the Dow while uncertainties surrounding Italy linger. The German index opened at 11,501.04 and climbed for the first several hours of the day, peaking at 11,695.30. The rot set in after that as the Dax tumbled to lows of 11,391.10 before closing at 11,495.80.

The day ahead is set to be a nervous one as traders watch to see if markets plunge again. All data will take a back seat as traders keep a keen eye on markets on a notoriously volatile day of the week. The data released today includes:

All – G20 Meetings, IMF Meetings

China – Trade Balance, USD-Denominated Trade Balance

Australia – Home Loans, RBA Financial Stability Review

Japan – Tertiary Industry Activity

Europe – European Industrial Production, German Final CPI

US – Import Prices, Prelim UoM Consumer Sentiment & Inflation Expectations, Federal Budget Balance, FOMC Members Raphael Bostic and Randal Quarles speak

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