A stack of data is set for release today which could lead to some market volatility.

The EURUSD looked set for another strong session until a reversal late in the day saw it close near its opening price. The pair opened at $1.13388 and ebbed and flowed throughout the first half of the day. The euro hit a low of $1.13238 heading into late trading before a rally saw it hit a high of $1.13706. However, it gave up those gains and fell back to $1.13351, near the level it opened the day at. In early morning trading, the euro is currently at $1.13428. The GBPUSD followed a similar pattern as its European counterpart, but fared slightly worse. The pair opened at $1.30591 and after a brief lift up, declined through early and mid-session trading. The pound hit a low of $1.30100 before a late rally saw it peak at $1.31091. It quickly gave up those gains however, sliding to its current level of $1.30469.

The Dow was highly volatile overnight after the release of the minutes from the latest Fed Reserve meeting. The index opened at 25,877.69, climbed to 25,923.10 and then fell to a low of 25,832.28 mid-session. The Dow began to rally from there in the lead-up to the release of the minutes, reaching 25,946.69. The release of the minutes saw the Dow plummet to near-lows of 25,845.30 before rocketing back up to a high of 25,9191.41. It has opened weaker this morning and is currently trading at 25,960.60. The Dax was able to avoid all the craziness in the US and steadily piled on the gains during the last session. It opened at 11,322.75 and dipped to a low of 11,310.99 a short time later. From there, the German index climbed throughout the rest of the session, hitting highs of 11,445.05 before closing at 11,423.33.

The day ahead is packed with data, highlight by European PMI figures. These figures give a good indication of the strength of their respective sectors within their economies. As Brexit continues to drag on, solid results are needed to keep confidence in the European economy.

Data published today includes:

UK – Public Sector Net Borrowing

Japan – Flash Manufacturing PMI, All Industries Activity

Australia – Employment Change and Unemployment Rate

Canada – ADP Non-Farm Employment Change, Wholesale Sales, BoC Governor Stephen Poloz speaks

US – Durable and Core Durable Goods Orders, Philly Fed Manufacturing Index, Unemployment Claims, Flash Manufacturing & Services PMIs, Existing Home Sales, Crude Oil Inventories

Europe – European, German and French Flash Services PMIs, European, German and French Flash Manufacturing PMIs, German and French Final CPIs, ECB Monetary Policy Meeting Accounts

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