The day ahead is dominated by the release of US data, headlined by GDP figures.

The EURUSD opened the day at $1.21489 and climbed to highs of $1.21739 mid-session. A 180 -degree turn saw the pair fall to lows of $1.21082 heading into late trading. However, a late rally saw the euro hit its session high again just before the close. It is currently trading at $1.21641. The GBPUSD began the session at $1.41067 and surged to an early high of $1.42414. Those highs were short-lived as the pound briefly went negative late in the day, bottoming-out at $1.40804. It bounced off those lows heading into the close and is now trading at $1.41458.

Indices went off to the races overnight, shrugging off a sluggish start. The Dow opened at 31,546.27 and slipped to lows of 31,381.50 mid-session. It pared back those losses before piling on the points late in the day, peaking at 32,015.09. That momentum has continued and it is now trading at 32,057.30. The Dax regained the losses it suffered during the previous session after opening at 13,867.63. An early low of 13,784.49 was met with a strong rally resulting in the German index hitting a high of 14,025.43 late. It is now trading at 14,028.40.

The US will be publishing a stack of data later today, with the Prelim GDP figure attracting the most interest. It is expected that the US economy grew by 4.2% (annualised) over the last quarter.

Other data released today includes:

Europe – German GfK Consumer Climate, European M3 Money Supply and Private Loans

US – Durable & Core Durable Goods Orders, Unemployment Claims, Pending Home Sales, Prelim GDP Price Index, Natural Gas Storage, FOMC Members Raphael Bostic and Randal Quarles speak

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