A grim night for markets as steep sell-offs erased the gains made over the last few days.

The EURUSD opened the day at $1.18499 and declined early, bottoming-out at $1.17876 mid-session. The euro climbed off those lows and hit a high of $1.18640 late in the day. It is not far off those highs and is now trading at $1.18551. The GBPUSD could not replicate the bounce back that the euro enjoyed, ending the session lower. The pair began the day at $1.33500 and ticked up to a high of $1.33583 early. The decline set in shortly afterwards and continued into late trading, where the pound hit a low of $1.32407. It has come off those lows and is now trading at $1.32840.

Indices were hammered overnight, with the Dow and Dax both sustaining heavy losses. The Dow started the day at 29,118 and was steady for a large portion of the day, edging up to a high of 29,200.25 heading into late-session trading. The sell-off began shortly after that high was reached, with the Dow plummeting to lows of 28,071.35 just before the close. It has come off those lows and is now trading at 28,338.30. The Dax began the day at 13,357.12 and lifted to a high of 13,464.05 mid-session. The losses started piling up from that point and accelerated later in the day as the German index tumbled to a low of 12,930.58. It has since bounced off those lows and is now trading at 13,039.10.

A big day coming up for markets, particularly after the belting they copped overnight. Non-Farm Employment Change figures are expected to be published later tonight, with the US economy tipped to have added 1,375,000 over the last month, down from the 1,763,000 added the month before.

Other data published today includes:

US – Average Hourly Earnings, Unemployment Rate

UK – Construction PMI, MPC Member Michael Saunders speaks

Canada – Employment Change, Unemployment Rate, Ivey PMI

Europe – German Factory Orders, French Government Budget Balance

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