The biggest mover today was the South African Rand which chalked up its best day since the global crisis after the influential Pravin Gordhan was re-appointed finance minister. The rand was last up 4 percent, clawing back some of the losses in recent months in part due to investor concerns over the country's political turmoil, particularly the instability surrounding the position of finance minister.
A Fed rate hike on Wednesday is a near certainty in the eyes of investors, and is seen as a first step toward normalizing monetary conditions after an extended period of loose policy since the global financial crisis. But against a backdrop of crumbling oil prices, emerging market and stress in the high-yield bond market, its timing could not be worse and investors are already fretting about the accompanying statement on Wednesday.
Tomorrow there’s Australian house price index and RBA minutes, UK PPI and CPI figures, German ZEW sentiment and US CPI data. Canadian governor Poloz is speaking in the evening. Wednesday is a busy one with a raft of Eurozone trade balance and CPI and PMI figures mainly focusing on the manufacturing sector.