Attention turns to the US as we round off the first couple of trading days of 2020.

The USD strengthened overnight, sending paired currencies down. The EURUSD began 2020 at $1.12075 and lifted to a high of $1.12241 early in the day. However, those highs did not last long as the euro retreated over the rest of the session, hitting lows of $1.11626 late in the day. It has come off those lows and is now trading at $1.11707. The GBPUSD followed the same pattern as the euro after opening 2020 at $1.32476. The pair edged up to a high of $1.32657 early before heading south throughout the rest of the day. The pound hit lows of $1.31148 late in the day and is now trading at $1.31365.

The Dow started 2020 with a bang, hitting all-time highs once again. The index opened the year at 28,620.04 and dipped to lows of 28,607.64 during the opening hour of trade. The Dow made some steady gains throughout the first half of the day, before taking off late, closing at a high of 28,901.50. The Dax followed the Dow in what was a strong start to the year. The German index opened at a low of 13,184.08 and rallied throughout the day, closing at a high of 13,449.09.

The day shapes up to be a busy one as several markets squeeze in data releases during a shortened trading week. The most significant data being published today is the ISM Manufacturing PMI data from the US. While the figure is expected to come in at a 49.0, which is a contraction in the index, it is better than the 48.1 posted at the last release. The Fed Reserves will also be publishing the minutes from its previous interest rate meeting.

Other data published today includes:

Canada – Governing Council Member Carolyn Wilkins speaks

UK – Construction PMI, Mortgage Approvals, M4 Money Supply, Net Lending to Individuals, Nationwide HPI, BRC Shop Price Index

Europe – German & French Prelim CPIs, German & Spanish Unemployment Changes, Swiss Manufacturing PMI, European Private Loans & M3 Money Supply

US – ISM Manufacturing Prices, Construction Spending, Wards Total Vehicle Sales, Natural Gas Storage, Crude Oil Inventories, FOMC Members Lael Brainard and Robert Kaplan speak

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