The pound is gaining after this morning’s inflation data showed stronger-than-expected UK consumer price growth in November, signaling healthy consumer spending. Tomorrow morning we’ll get more insight on the UK’s labor market with the latest jobless claims report and average earnings (worker wages) results from August through October.

Meanwhile, the euro is slipping after Germany’s inflation and investor sentiment levels came in slightly worse than expected this morning. That said, the broader Eurozone’s Q3 employment results met analysts’ expectations, helping to support the euro some. Tomorrow morning we’ll see consumer inflation data from France and Italy along with the broader Eurozone’s latest industrial production results.

Stateside, the US dollar is down slightly despite trade inflation growing as expected for November, perhaps as investors take more of their profits on the high-value currency. Tomorrow morning will bring the latest retail sales numbers, producer inflation, and industrial production results, while the Federal Reserve’s policy announcements will come early in the afternoon. The Fed is expected to announce an interest rate increase at the meeting, but investors will also be looking toward interest rate hikes for 2017 to gauge the central bank’s optimism for the US economy.

To our north, the Canadian dollar is rising as oil prices move above $54 per barrel. No significant data is scheduled to come out of Canada until Thursday morning’s manufacturing shipment numbers from October.

In the Pacific, the Australian dollar is climbing after last night’s data from China (Australia’s largest trading partner) showed stronger-than-expected retail sales growth and industrial production during November. Investors will get another read on Australia’s economy tonight with November’s new motor vehicle sales and the latest consumer confidence survey. The Japanese yen continues its downward trend against the dollar that began in late September as investors wait for tonight’s business forecasts and October’s industrial production results.

EURUSD: The euro is down after Germany’s inflation results and investor sentiment miss analysts’ expectations.

GBPUSD: The pound is up as consumer inflation grew faster than expected.

AUDUSD: The Aussie dollar is rising after China’s strong retail sales and industrial production results came out last night.

USDCAD: The Canadian dollar is climbing as oil prices continue to rally.