A swathe of data is scheduled to be released throughout the day, while most attention turns to the central bank meeting in the US in the early hours of tomorrow morning.

The USD weakened overnight, allowing paired currencies to post solid gains during yesterday’s session. The EURUSD opened the day at $1.09968 and lifted to $1.10113 before falling to lows of $1.09891 mid-session. The euro quickly rebounded and rallied for most of the day, peaking at $1.10738 late. It is not far off those highs, currently trading at $1.10699. The GBPUSD stumbled about in early trading after opening at $1.24243. The pound reached lows of $1.23911 mid-session before surging off those lows to hit a high of $1.25270 late in the day. It has come off those highs and is now trading at $1.24911.

The Dow went negative for most of the day until edging up late to end the session flat. The index began the day at 27,107.28 and bumped up to a high of 27,131.33 in the first hour of trade. The Dow then started its gradual decline, hitting a low of 26,981.18 heading into late-session trading. It climbed off those lows and closed the day at 27,111.56, the same level as it is trading at now. The Dax opened and closed rather overnight after opening at 12,392.67. The German index lifted to a high of 12,409.54 in the opening hour before falling for a large chunk of the session. Late trading saw the Dax hit lows of 12,302.08 before rebounding and closing at 12,387.84. It is now trading at 12,373.19.

The day ahead is going to be a hectic one, with a plethora of data being published throughout the day. However, most traders are eyeing off the latest interest rate meeting from the US. The Fed Reserve will wrap up their meeting in the early hours of tomorrow morning where they are expected to cut interest rates. It is also important to listen to the commentary by Fed Chair Jerome Powell as he will outline what monetary policy settings will look like going into the future.

Data published today includes:

NZ – GDP

UK – CPI & Core CPI, PPI Input & Output, HPI, RPI

Europe – European CPI & Core CPI, Italian Trade Balance

Canada – CPI, Core, Common, Median and Trimmed CPIs

US – Federal Funds Rate, FOMC Statement, Economic Projections and Press Conference, Crude Oil Inventories, Building Permits, Housing Starts

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