American home sales on the rise, the international G20 meeting with a closing speech from US Treasury Secretary Timothy Geithner together with other encouraging news from around the world sum up this week. Let’s see what’s up for today.
In the US, New Home Sales, annualized number of new single-family homes that were sold during the previous month, a leading indicator of economic health, is expected to leap from 308K to 323K.
Later in the US, Durable Goods Orders Ex Transportation, a leading indicator of production, released monthly, is expected to drop down from 1.4% to 0.7%
Finally in the US, US Treasury Secretary Timothy Geithner speaks at the conclusion of the G20 meeting, in Washington DC, may indicate policy shifts to the public and to foreign governments. The G20 Meetings are attended by finance ministers and central bankers from 20 industrialized nations including the G7 nations the G20 is an influential global policy-making body operating at the highest level.
In Canada, Bank of Canada Core Consumer Price Index exemplifies the change in the price of goods and services purchased by consumers. It is the most important inflation-related release due to it’s earliness and broad scope, foreseen to drop from 0.7% to 0.1% and Core Retail Sales is expected to follow
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, German Ifo Business Climate, Survey of about 7,000 businesses, tends to create a hefty market impact upon release, is expected to rise from 98.1 to 98.8. The Italian Retail Sales is also expected to go up from -0.5% to 0.3%.
Also in Europe, Belgium NBB Business Climate, leading indicator of economic health, is predicted to rise from -3.6 to -2.5 and French Consumer Spending, the primary gauge of consumer spending, is expected to go up from -1.2 $ to 0.4%.
More from Europe, Industrial New Orders released monthly indicator of production is about to rise from -1.6% to 0.9%.
In Great Britain, Preliminary Gross Domestic Product, The indicator of change in the inflation-adjusted value of all goods and services. Due to its preliminary release, it tends to have the most impact. The forecast remains unchanged – 0.4% and also the Index of Services is expected to follow and will remain 0.6%.
Read more about the Pound in the GBP/USD forecast.
In Australia, Governor of the Reserve Bank of Australia Glenn Stevens delivers a speech titled “Economic Conditions” at the University of Southern Queensland. As head of the central bank, which controls short term interest rates, he has more influence over the nation’s currency.
More in Australia, Import Prices are foreseen a rise from -4.3% to -1.4%, this will contribute to inflation for businesses and consumers.
For more on the Aussie, read the AUD/USD forecast.
In New Zeeland Credit Card Spending is expected to go unchanged.
International Monetary Fund (IMF) Meetingst provides policy advice and can agree funding support when countries face severe difficulties, can impact the currency markets
That’s it for today. Happy forex trading!