A hectic day coming up for markets, with attention squarely on the US.

The EURUSD briefly touched $1.19 overnight but fell late in the day, giving up earlier gains. The pair began the day at $1.18618 and raced away early, peaking at $1.19001 mid-session. The euro fell from those highs, hitting a low of $1.18389 late in the day. That momentum has continued in early Wednesday trading and it is now sitting at $1.18310. The GBPUSD enjoyed a better session, adding value after opening at $1.28453. The pair slipped to lows of $1.28138 early before rebounding, powering its way to a high of $1.29256 mid-session. It has cone off those highs and is now trading at $1.28867.

The Dow looked set for another strong showing, until a sell-off late undid all the good work beforehand. The index started the day at 27,960.28 and rallied to a high of 28,246.21 mid-session. The rot set in shortly after, with the Dow slumping to lows of 27,927.58 late in the piece. It has bounced off those lows and is now trading at 28,011.30. The Dax was a little more resilient overnight after beginning the day at 13,172.90. The German index climbed early but then fell to lows of 13,130.81. Rallying off those lows, the Dax reached a height of 13,261.45 a few hours later. It gave up some of those gains late in the day and it is now trading at 13,200.30.

A big day ahead for markets, with the spotlight shining on the US. The Fed Reserve meets in the early hours of tomorrow morning to discuss monetary policy. The US is also publishing Retail & Core Retail Sales figures. Retail Sales are tipped to grow by 1.1%, while Core Retail Sales are expected to expand by 1.0%.

Other data released today includes:

NZ – GDP

Europe – Trade Balance

UK – CPI & Core CPI, PPI Input & Output, RPI, HPI

Canada – CPI, Core, Common, Median and Trimmed CPIs, Foreign Securities Purchases

US – Federal Funds Rate, FOMC Statement, Economic Projections and Press Conference, Crude Oil Inventories, Business Inventories, NAHB Housing Market Index, TIC Long-Term Purchases

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