A host of significant data is being released throughout the day, with attention turning to Europe and the latest central bank meeting.

The EURUSD traded in a tight range yesterday after opening at$1.10811. The euro was flat early before climbing to a high of $1.10980 mid-session. However, it fell to lows $1.10695 in the next hour and spent the rest of the session trying to regain those losses. It has managed to erase most of those losses and is now trading at $1.10920. The GBPUSD continues to impress, climbing above $1.31 overnight. The pair began the day at $1.30479 and was flat early, dipping to lows of $1.30334. Mid-session saw the pound take off as it rallied to a high of $1.31525. It has come off those highs slightly and is currently trading at $1.31362.

The Dow endured some big movements overnight after starting the day at 29,200.15. The index rallied early, peaking at a 29,347.22 before falling away for the rest of the session. The Dow fell to lows of 29,133.03 and is now trading at 29,143.50. The Dax ended the session in negative territory as it was weighed down by the Dow. The German index opened at 13,540.88 and rallied in early and mid-session trading, hitting highs of 13,643.05. The rot set in shortly afterwards with the Dax heading south for the remainder of the day where it hit lows of 13,483.52 before closing at 13,491.16.

Traders turn their attention to the latest interest rate meeting from Europe, with the ECB meeting in the early hours of tomorrow morning. Rates are again tipped to remain on hold, but the language used by the central bank when commenting on their latest decision could have some significance.

Data published today includes:

NZ – CPI

Japan – All Industries Activity

Europe – Monetary Policy Report, Consumer Confidence

Australia – Employment Change, Unemployment Rate

US – Unemployment Claims, CB Leading Index, Natural Gas Storage, Crude Oil Inventories

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