A relatively quiet day coming up for markets as far as data goes, but there is plenty of activity on the geopolitical front.

The EURUSD continued its trend up overnight. The pair opened at $1.13191 and dipped to an early low of $1.13185. From there however, the euro rallied for majority of the session, peaking at $1.13593 heading into late trading. It could not hold onto those highs though, dropping around half those gains where it is currently trading at $1.13351. The pound sunk overnight on the back of extraordinary scenes in the UK parliament which saw the chance for another Brexit vote thrown out. The GBPUSD opened at $1.32945 and remained flat early, bumping up to a high of $1.32992. Mid-session trading saw the pound decline at a rapid pace, suffering a short drop down to $1.31834 as news broke about the gridlock in the UK parliament. It was able to recover a large chunk of those losses and is currently trading at $1.32425.

The Dow kicked the week off in fine fashion, threatening to break back through the 26,000 barrier. The index opened at 25,832.92, climbed up to 25,900.29 in early trading before falling to a low of 25,779.03 mid-session. However, the Dow rallied from there, hitting highs of 25,946.83. It is currently trading around that same mark. The Dax took a breather from its recent rallies, ending the session in negative territory. The German index opened at 11,690.49 and lifted to an early high of 11,711.93. From there however, the Dax began its gradual decline, bottoming-out at 11,633.70, before regaining some losses and closing at 11,663.58.

The day ahead will be dominated by the looming constitutional crisis in the UK. In extraordinary scenes, the speaker of the house has ruled that Theresa May cannot hold another vote on her Brexit deal as it is not substantially different to the one that was rejected by 140+ votes last week, citing a convention from 1604 as a precedent. This leaves the UK with very little option than to extend the Brexit deadline from the current March 29 date as there is no time to negotiate once again with the EU.

Data released today includes:

US – Factory Orders

Canada – Annual Budget Release

NZ – GDT Price Index, Current Account

Australia – HPI, RBA Monetary Policy Meeting Minutes

UK – Average Earnings Index, Claimant Count Change, Unemployment Rate

Europe – Italian & Swiss Trade Balances, European & German ZEW Economic Sentiments

Disclaimer: The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs. We recommend you seek independent advice if necessary.