Today sees the release of key data out of three major economies.

First up is the Public-Sector Net Borrowing out of the UK and with the Bank of England's Mark Carney expressing his feelings about raising interest rates, saying that it is not the right time to carry out that kind of a move, and as expenses gradually start outweighing income, it could be an unsettling day for the Pound as this issue has immense consequences for businesses and corporations. The forecast shows a 7.3 Billion Pound expected decrease which is of over 2 Billion Pounds after last month's 9.6 Billion figure. Should the figure come in worse than expected, we would expect the GBP to continue to squeeze lower as it loses market share to its rival currencies. However, a beat of the expectation will likely see the GBP regain some of its composure as short are unwound and bulls resurface.

We then head to the USA for the release of Today’s Crude Oil Inventories, which represents the number of barrels of crude oil held in inventory by US commercial firms during the past week and is regarded as key determinant of the supply and/or demand of crude oil in the US. A larger than expected build implies that there is an oversupply or under demand of crude oil which will drag the price of crude lower towards the $40 mark. However, if the figure is smaller than expected, we will see crude oil prices move higher, towards the $45 and beyond, as trader’s price in the increased demand or decreased supply of the commodity.

In the Asian Session, we have key data out of New Zealand, who will be releasing their Rate Statement and Monetary Policy Statement on Wednesday. The Cash rate, is expected to remain unchanged at 1.75%, which has already been priced in. Any surprises will result in severe volatility with the NZ dollar strengthening in the case of a rate hike and vice versa in the case of a rate cut. Investors will be glued to the screen to try and decipher the Statement for clues as to the current and future views and actions of the RBNZD, with positive comments likely to see the NZD gain strength while negative comments will see the NZD sold off.