The market appears dominated by rising confidence in Europe mixed with poor economic data. Despite negative reports, consumer optimism is on the rise. This has led to an increase in risk appetite which in turn boosts higher yielding currencies such as the EUR and GBP. These pairs are set to run the market today!

6:00 GMT: GBP – Nationwide HPI:

- Measures the change in the selling price of mortgage backed homes.

- Leading indicator for the health of the housing industry.

- As the housing industry was the most hurt during the financial crisis, revival in the housing industry is a foremost indicator of economic recovery.

14:00 GMT: USD – CB Consumer Confidence:

- Measures the financial confidence of households.

- This is a leading indicator of consumer spending.

- Consumer spending is the driving force behind economic activity and economic recovery.

Crude Oil Tips:

- Oil rose over $4, reaching above $72 for the first time in over a week due to a weak Dollar, rally in equities and unrest in Nigeria.

- If the Dollar continues to weaken and optimism on Wall Street continues, Oil prices are likely to continue the rally, heading towards $75.