A relatively quiet Tuesday for announcements sees geopolitical events come into focus.

The EURUSD climbed overnight after opening the week at $1.13328. The pair dipped to an opening-hour low of $1.13270 before rallying throughout early and mid-session trading, peaking at $1.13667. The euro fell back to $1.13357 before climbing again to a reach the high of $1.13667 it hit earlier in the day. It is currently trading at $1.13602. The GBPUSD made some gains overnight after remaining flat for most of the day. The pair opened at $1.30692 and dipped to an opening-hour low of $1.30348. From there, it traded in a tight range until a rally late in the session saw the pound peak at $1.31458. It has come off those highs and is currently trading at $1.31221.

The Dow opened and closed flat overnight, unsure of which direction it wants to head in. the index opened at 26,091.20 and dipped to an early low of 26,049.79. The Dow steadily climbed throughout most of the session, reaching highs of 26,248.93. However, the Dow gave up those gains in late trading and is currently sitting at 26,090.77. The Dax opened the week much higher than it closed on Friday and fell during the early hours of trading, dropping to near-session lows of 11,476.27. The German index turned around from that point, climbing to a high of 11,544.15 a few hours later. It could not hold onto those highs and fell to lows of 11,464.60 before closing at 11,468.38.

The day ahead is light on data, but there is still plenty of activity going on that could sway market sentiment. In the UK, Theresa May has set a date of March 12 for the parliament to vote on the latest Brexit deal. The opposition Labour Party has also come out overnight and stated that they would hold a second referendum if this latest Brexit deal or their deal that they have proposed, is not accepted. This will likely throw the UK economy into further turmoil, an economy already precariously placed due to the current protracted negotiations.

Data released today includes:

Japan – BoJ Core CPI

Canada – Corporate Profits

Europe – German GfK Consumer Climate

UK – Inflation Report Hearings, High Street Lending

US – Building Permits, Housing Starts, HPI, S&P/CS Composite-20 HPI, CB Consumer Confidence, Richmond Manufacturing Index, Fed Chair Jerome Powell testifies

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