Plenty of data set for publication today, while political events weigh on markets.

The EURUSD remains in a malaise, struggling to break out in either direction. The pair opened the day at $1.13649 and traded flat early in the session before the decline started. The euro hit a low of $1.13350 during the back half of the session, then was able to rally off that low to peak at $1.13734. It has come off those highs and is currently trading at $1.13617. The GBPUSD was a totally different story however, as it went off to the races. The pair opened at $1.28891 and declined early, sliding to a low of $1.28543. The pound rallied off that low to hit a high of $1.29745 in very late trading. It has also come off its high, currently trading at $1.29560.

The Dow suffered a setback overnight as a trade meeting between the US and China was cancelled. The index opened at 24,598.51 and lifted to an early high of 24,664.89. The Dow remained flat throughout mid-session trading before news of the trade meeting cancellation filtered through. Late trading saw the Dow sink to a low of 24,238.89. It has come off those lows and is currently trading at 24,400.14. The Dax opened the day at 11,072.58 and climbed to a high of 11,146.00 early. The German index weakened form that point, sliding until hitting a very late low of 11,007.20 and then closing at 11,026.50.

The day ahead sees the release of plenty of data, but it is events away from economic data that is likely to make markets move. The news that a US-China trade meeting has been cancelled has made markets shaky, so we may know more information about the cancellation and any proposed new meeting as the day rolls on. Both sides look unwilling to give ground however, making these negotiations more protracted.

Data set for release includes:

Australia – MI Leading Index

Europe – Consumer Confidence

Canada – Retail & Core Retail Sales

US – HPI, Richmond Manufacturing Index

UK – CBI Industrial Order Expectations, MPC Member Ben Broadbent speaks

Japan – BoJ Policy Rate, Monetary Policy Statement, Outlook Report and Press Conference, Trade Balance, All Industries Activity

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