The rather subdued start to the week is set to continue, with a low volume of data scheduled for publication today.

Major currency pairs remained steady overnight, with investors unsure which direction the US dollar, pound and euro are heading. With the ECB meeting tomorrow, we’re about to find out. The EURUSD began the day at $1.10464 and was flat early, before kicking up to a high of $1.10589 mid-session. Those highs were quickly given up as it returned to near the levels at the open over the next few hours. The euro then dipped to lows $1.10296 as it headed into late trading. Again, it did not stay there for long as it climbed back up near its opening price. It is currently trading at $1.10484. The GBPUSD was pretty much a non-event as well overnight after opening at $1.23447. The pound should have remained closed for the first several hours of the day as it barely showed any signs of life as it hardly moved at all. It sprung to life mid-session, edging up to a high of $1.23792 before falling to a low of $1.23055 a short time later. It then bounced off those lows and headed up to near-session-highs of $1.23743. It came off that level late in the day and is now trading at $1.23556.

Looking at some charts and it looks as though the Dow endured a roller coaster session, but that’s only because it’s been rather flat to start the week. The index opened at 26,847.18 and bumped up to near-session-highs of 26,898.67 early in the day. It then began its slide over a large portion of the day, hitting lows of 26,713.89 heading into late-session trading. It rebounded off those lows in true Dow fashion, rallying to a high of 26,914.01 in the final hour of the trading day. It has come off those highs and is now trading at 26,888.72. The Dax made some solid gains overnight, thanks to a fast-finishing Dow. The German index started the day at 12,207.99 and dipped to lows of 12,177.55 a short time later. The Dax climbed off those lows, rallying to a high of 12,312.17 before closing at 12,292.08.

The day ahead is a rather quiet one for data, with the US PPI & Core PPI being the most significant releases. The Producer Price Index is expected to come in at 0% growth (down from 0.2% at the last reading, while Core figure is expected to show a growth of 0.2% (compared to -0.1% at the last reading).

Other data published today includes:

Canada – Capacity Utilisation Rate

Australia – Westpac Consumer Sentiment

US – Crude Oil Inventories, Final Wholesale Inventories

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