Releases out today include UK Retail Sales (09:30 GMT) and Canadian Retail Sales and CPI data (13:30 GMT). Positive UK data has been providing the pound with limited support as the focus remains largely on politics, while a disappointing release could prompt more significant swings as markets watch for signals of post-referendum weakness.
The main event of the day is Donald Trump’s inauguration (17:00 GMT). In his inaugural speech, Trump will outline his goals for his presidency and markets will watch for any further details on his likely policies. Going forward, Trump’s policies will serve as a source of volatility for the dollar as markets interpret the implications for economic growth and interest rates.