Attention turns to Europe as its central bank wraps up its latest interest rate meeting.

The EURUSD made further gains overnight after starting the day at $1.11675. The pair ticked down to a low of $1.11659 shortly after the open before bouncing back and piling on the gains for most of the session. The euro hit a high of $1.12570 late in the day but has fallen away slightly to its current level of $1.12200. The GBPUSD made some modest gains overnight, opening at $1.25459. It dipped to a low of $1.25438 in the opening hour but turned that around, hitting highs of $1.26150 late in the day. It came off those highs and reversed all of yesterday’s gains as it now trades at $1.25394.

Indices continue their remarkable run, with markets upbeat about economies re-opening. The Dow began the day at 25,731.74 and quickly dipped to lows of 25,695.89. From there however, the Dow rallied for the rest of the day, peaking at 26,341.29 shortly before the close. It has since come off those highs slightly and is now trading at 26,240.00. The Dax followed the Dow’s lead after opening at a low of 12,110.51. It was basically all one way as the German index marched to a high of 12,562.88. It has come off those highs and is now trading at 12,467.11.

The latest ECB meeting concludes later tonight and markets will be keenly awaiting the outcome. While interest rates are expected to remain on hold at 0%, we have seen the ECB commit to a number of monetary measures to stave off the worst effects of the economic downturn due to continent-wide shutdowns.

Other data published today includes:

UK – Construction PMI

Canada – Trade Balance

Europe – ECB Monetary Policy Statement and Press Conference, European Retail Sales

US – Challenger Job Cuts, Unemployment Claims, Revised Non-Farm Productivity and Unit Labour Costs, Trade Balance, Natural Gas Storage

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