The EUR starts off the day in the middle of its range, albeit within the higher realms of its value. While the ECB would genuinely like to see the Single Currency weaker whether or not that wish will be granted remains questionable. There will be little in the way of data from the continent today.

Perhaps the most significant amount of data thus far from Europe has been the German Industrial Production figures which showed a larger drop than expected. Having said that optimists are sure to point towards an improved Sentix Investor Confidence reading that was published on Monday. German Trade Balance numbers were released yesterday and beat expectations, but the previous month’s outcome was revised downwards nullifying any attempts to begin a parade.

The U.K. released disappointing Manufacturing Production figures on Tuesday, but like the Single Currency, the GBP remains very strong against the Greenback. The facts on the ground suggests that the USD is still not being held dearly and that many investors feel that the Federal Reserve is going to remain very dovish regarding its interest rates for the foreseeable future. The JPY also has remained on the stronger side of its value against the USD which will not make the Japanese government happy for the exports that it relies heavily upon to build its economy.

Gold as of this writing remains within the stronger bounds of its range. However the precious metal has not had much in the way of volatility the past few trading sessions. Consolidation is typically seen as a good trading mode for market participants, but Gold has a history of breaking consolidations violently the past two years as it has been saturated by bears. The metal is near 1325.00 USD for the moment. Crude Oil remains within the higher realms of its value too, but has not broken through resistance. The energy sector remains speculative due to the political situation in the Middle East.

U.S. data today will be light, but interestingly the FOMC Meeting Minutes will be published giving a look into the thinking of Fed officials. The question is what exactly the Fed is thinking or if at all? Reports and rumors have been tantalizing within the bond markets in the U.S. and while a major crisis has broken out worries remain. Late tonight China is scheduled tentatively to release its Trade Balance numbers and this could set off investors in Asia who continue to look at China as a lynchpin for sentiment. While investors worldwide have had reasons to smile because of equities doing rather well, record highs on Wall Street and other bourses doesn’t translate into a healthy global economy.