News for the day? Watch out for the news this week. Though it’s a short one, it will be a crucial week for economic data across countries. The US will see a report on personal income and spending this morning, auto sales figures for May are coming tomorrow, and one of the most important economic indicators – nonfarm payroll – will be released on Friday for May. By the end of the week, markets could be closer to guessing when the next Federal Reserve interest rate hike might be. So far, American data is beating analyst forecasts by the most in about 16 months.

The European Commission’s index of executive and consumer sentiment released yesterday showed that confidence in the Eurozone has increased to a four-month high. However, this morning’s data revealed that consumer prices failed to increase for a fourth consecutive month, despite multiple rounds of stimulus, with price growth remaining far from the European Central Bank’s goal. Could more stimulus be coming from ECB President Mario Draghi? The central bank is announcing its monetary policy decision on Thursday, and while a change in interest rates isn’t expected, the press conference will be worth watching for indications of potential moves and resulting impact on the euro.

Meanwhile, the Australian dollar is continuing its rally after reports on exports and building approvals showed higher than expected figures. This is making investors and traders more confident that the Reserve Bank of Australia may leave off another immediate rate cut. The AUD is currently trading closer to a level not seen since May 3, when the RBA had announced a rate cut that came out of left field for most. Australian GDP will be released on Wednesday, and will provide further direction for AUD strength.

EURUSD: Euro recovering slightly on positive European Commission report.

GBPUSD: Pound¬†lower after poll showing a higher “leave” sentiment.

AUDUSD: Aussie dollar experiences a recovery after positive economic data.

USDCAD: Loonie weaker as markets wait for US economic indicators.