Plenty of activity today, with markets looking local as the latest RBA meeting wraps up.

The EURUSD made some small gains overnight after beginning the week at $1.11135. The euro climbed throughout early trading, reaching a high of $1.11533 mid-session. Those high were not held for long as the pair fell to lows of $1.10996 a few hours later. It recovered a chunk of those losses late in the session and is now trading at $1.11292. The GBPUSD continues to outperform its European counterpart after opening at a low of $1.23228. It was virtually all one way, aside from small plateaus during the day, as the pound rallied to a high of $1.25068 late in the day. It is at the same price in early Tuesday trade.

The Dow made some modest gains to start the week as investors watch the re-opening of the economy unfold. The index started the week at 25,230.98 and dropped briefly to a low of 25,122.74 in the first hour of trade. Mid-session trading saw the Dow peak at 25,544.86 before giving up some of those gains over the rest of the session. It is now trading at 25.404.50. The Dax looked in trouble early, but managed to turn it around and post some solid gains overnight. The German index began the week at 11,788.48 and fell to lows of 11,649.18 early in the day. However, the Dax bounced back to life, marching its way to a late high of 11,943.07. It is not far off those highs, currently trading at 11,912.07.

The day ahead sees the publication of a stack of data, but focus is centred around the latest interest meeting held by Australia’s central bank. As the country begins to process of re-opening after weeks of lockdowns, it will be interesting to get an insight into the RBA’s economic outlook and whether monetary policy settings will change in the near future. Interest rates are tipped to remain on hold at 0.25%.

Other data published today includes:

Australia – RBA Rate Statement, AIG Construction Index

UK – Nationwide HPI, M4 Money Supply, Mortgage Approvals, Net Lending to Individuals

Europe – French Government Budget Balance, Spanish Unemployment Change, Swiss Manufacturing PMI and Retail Sales

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