The U.S. Dollar is trading lower against the European currencies buoyed by fresh Euro Zone economic data and spillover buying following yesterday’s strong U.K. GDP report. Worse than expected Australian retail sales is pressuring the Pacific Rim currencies and speculators are driving up the Canadian Dollar ahead of this mornings GDP data.

U.S. stock indices are trading flat overnight. Traders have largely ignored the weakness in the Euro over Greece concerns. This may mean that today’s menu of U.S. economic reports will have a bigger influence on stock prices.

Despite a pick-up in demand for higher risk assets and higher Asian equity markets, U.S. stock indices are predicting a flat to lower opening. Traders seem to be taking a cautious approach before the release of this morning’s U.S. GDP, Chicago PMI, consumer confidence and existing home sales reports.

U.S. investors drove stock indices higher following better than expected housing starts, industrial production and import price reports. Trading was light and there was very little follow-through to the upside following a strong early morning session. Traders were able to hold the indices steady following the FOMC report.