Attention turns to the release of key economic data from Australia.

The EURUSD fell overnight thanks to a strengthening USD. The pair opened at $1.12558 and bumped up to a high of $1.12597 early in the day. The euro traded slightly lower throughout the first half of the session before falling sharper in late. It hit a low of $1.11910 before rebounding to its current level of $1.12225. The GBPUSD opened at $1.29805 and looked strong early, climbing to a high of $1.30184. The pound then tumbled from that high, hitting lows of $1.29261 late in the day. It has come off those lows and is currently trading at $1.29344.

The Dow returned to form overnight, rallying for most of the day. The index opened at 26,538.69 and fell to an early low of 26,478.79. From that point on, it was all up, with the Dow hitting highs of 26,704.52. It is currently trading at 26,683.14. The Dax opened and closed flat, although it looked set for a negative session about midway through the day. The German index opened at 12,248.40 and started to decline over early trading, falling to lows of 12,197.93 mid-session. It climbed off those lows where it peaked at 12,269.94 late in the day before closing at 12,258.00.

The day ahead sees the release of some key economic data from Australia. They will be publishing CPI data early in the day. This figure is crucial in the Australian economy as inflation has been rather anaemic over the last several years. This has played a part in suppressing wage inflation, which is not only a big economic issue, but also a political one. Quarterly inflation is expected to come in at 0.2% growth (vs 0.5% at last reading).

Other data being released today includes:

US – Crude Oil Inventories

Australia – Trimmed Mean CPI

Japan – All Industries Activity

UK – Public Sector Net Borrowing

China – CB Leading Index

Canada – Overnight Rate, BoC Rate Statement, Monetary Policy Report and Press Conference

Europe – Credit Suisse Economic Expectations, German Ifo Business Climate, ECB Economic Bulletin, Belgian NBB Business Climate

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