A busy Tuesday coming up for markets, with plenty of data scheduled for release throughout the day.

The EURUSD made slight gains overnight after opening the week at $1.10220. The pair dipped to a low of $1.10157 in the opening hour of the day before beginning a slow build-up over most of the day. The euro peaked at $1.10427 late in the day and is currently trading at $1.10317. The GBPUSD rallied overnight on the back of news that will strengthen Boris Johnson’s re-election chances. The pair started the week at $1.27904 and dipped to a low of $1.27841 in the first hour of trade. The pound climbed slowly in early trading before accelerating mid-session to hit a high of $1.28975. It gave up some of those gains late in the day and is currently trading at $1.28475.

The Dow looked set for a negative start to the week until a late rally saw it end the session in positive territory. The index opened at 27,658.35 and declined throughout the first half of the day, hitting lows of 27,503.95. Late trading saw the Dow recover as it rallied to highs of 27,710.63 before closing at 27,699.50. The Dax ended the first trading day of the week slightly in negative territory after opening at 13,239.81. The German index ticked up to a high of 13,246.09 in the opening hour but then fell throughout the next several hours. The Dax hit lows of 13,142.13 mid-session before bouncing back late in the day to close at 13,212.76.

The day ahead is set to be an interesting one, with a host of data being published throughout the day. On the political front, Boris Johnson received a much-needed boost to his re-election chances, with his main conservative opponents choosing not to run in seats that the government currently controls. This avoids a split in votes between Johnson and the Brexit Party. The Brexit party could also take votes away from Labour’s Jeremy Corbyn, weakening his chances to become the next PM.

Data published today includes:

NZ – Inflation Expectations, FPI

Australia – NAB Business Confidence

Japan – M2 Money Stock, Prelim Machine Tool Orders

Europe – European & German ZEW Economic Sentiment

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

US – Mortgage Delinquencies, NFIB Small Business Index, FOMC Member Richard Clarida speaks

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