In the US, Preliminary GDP relates to goods and services produced by the economy, is expected to go up by 0.3% compared to 3.2% in the previous quarter, while Prelim GDP Price Index for goods and services included in GDP is foreseen to remain 0.9% as in the previous quarter.

Later in the US, Federal Reserve Bank of St Louis President James Bullard delivers a speech titled “Policy Challenges for Central Banks in the aftermath of the Crisis” at the SwedBank “Economic Policy in Aftermath of the Crisis” conference, in Stockholm. Expected to affect interest rates and provide hints on future monetary policy.

More in the US, Unemployment Claims released weekly, are expected to drop to 446K following last week’s rise of 471K which is a hopeful sign for the market activity.

Finally in the US, Natural Gas Storage is expected to rise this week from 71B to 101B.

In Canada, Corporate Profits, released quarterly are expected to follow April’s rise of 7.9%.

For more on USD/CAD, read the Canadian dollar forecast.

In Europe, German Preliminary Consumer Price Index is expecting to rise by 0.1% after the unexpected drop of -0.1% in April.

For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.

In Great Britain, Nationwide House Prices measuring the change in the selling price of homes with mortgages backed by Nationwide is about to drop from 1.0% to 0.5% which affects the housing industry.

More in Great Britain, CBI Realized Sales is expected to remain 13 points.

Later in Great Britain, GfK Consumer Confidence is expecting a 1 point rise from -16 to -15 points although it still requires improvement.

Read more about the Pound in the GBP/USD forecast.

In Switzerland, Employment Level is expected to rise by 10K this quarter to reach employment of 3.97M which is a good for the Swiss market.

In Australia, CB Leading Index measuring the change in the level of a composite index based on 7 economic indicators is likely to remain -0.3% this month as well.

More in Australia, Private Capital Expenditure is expected to drop from 5.5% to 2.6% this month indicating slow market activity.

For more on the Aussie, read the AUD/USD forecast.

In New Zeeland, Building Consents released monthly, are anticipating an additional decrease of -0.4% this month.

In Japan, Household Spending is anticipating 1.9% cutoff following last month’s rise of 4.4%.

More in Japan, Tokyo Core CPI is expected to improve this month by 0.4% from -1.9% to -1.5% while the National Core CPI is expecting a drop of -1.3%, 0.1% more than in April badly affects the JPY.

Finally in Japan, Retail Sales are also expecting a fall of 1% from 4.7% to 3.7% this month and Unemployment Rate is foreseen to remain 5.0% as in April.

That’s it for today. Happy forex trading!

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In the US, unlike the decrease of PPI index yesterday the CPI is expected to rise from 0.1% to 0.2% as well as the Core CPI which is foreseen to increase by 0.1% from 0.0% last month.

Later in the US, Federal Open Market Committee Meeting Minutes is released with a detailed record of the FOMC’s most recent meeting, providing in-depth insights into the economic conditions. This affects interest rates.

Also in the US, Crude Oil Inventories is expected a sharp drop from 1.9M last month to 0.6M which should affect inflation rates.

Finally in the US, Mortgage Delinquencies released quarterly, showing the number of mortgages delinquent with foreclosures is supposed to remain 9.47%.

In Canada, continuing the positive news from Canada, Wholesale Sales are expected to edge up from -1.2% to 0.3% indicating an increase in consumer’s spending.

For more on USD/CAD, read the Canadian dollar forecast.

In Europe, ECB President Jean-Claude Trichet speaks at the ceremony laying the foundation stone of the New ECB Premises, in Frankfurt. Will affect the Euro currency and provide clues for future monetary policy.

Later in Europe, Deutsche Bundesbank President Axel Weber speaks about the G20 agenda on financial regulation, in Berlin which will affect currency rates.

For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.

In Great Britain, MPC Meeting Minutes voted 9-0 to maintain rates the same vote of past months.

More in Great Britain, Chancellor of the Exchequer George Osborne speaks at the CBI Annual Dinner, in London used to signal policy shifts to the public and foreign governments.

Read more about the Pound in the GBP/USD forecast.

In Australia, RBA Assistant Governor (Economics) Dr. Malcolm Edey speaks at the Australian Retail Deposits Conference, in Sydney. Will affect the Euro currency and provide clues for future monetary policy.

More in Australia, Westpac Consumer Sentiment is expected to remain around -0.1% as in the previous month.

Later in Australia, Wage Price Index is expected to move up from 0.6% to 0.9% which is bound to affect inflation rates.

For more on the Aussie, read the AUD/USD forecast.

In Japan, Prelim GDP measuring the change in the inflation-adjusted value of all goods and services produced by the economy is expected to rise from 0.9% to 1.4% indicating a healthy market activity while the Prelim GDP Price Index measuring the change in the price of all goods and services included in GDP is about to decrease from -2.8% to -2.9% indicating low inflation rates.

More in Japan, Revised Industrial Production is expected to rise from 0.3% to 0.4%,

That’s it for today. Happy forex trading!

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Japan’s preliminary release of third quarter GDP was excellent: Gross Domestic Product rose by 1.2%, much better than 0.8% that was estimated. Also the Prelim GDP Price Index rose more than expected – by 0.2%. USD/JPY is at 89.60, recovering from the initial shake.

A video from a partner:

In Britain, Rightmove HPI disappointed and fell by 1.6% after nice rises in previous months. Later today,  MPC members Paul Tucker and Andrew Sentance will be speaking. Their approach toward quantitative easing has a strong impact on the Pound.

GBP/USD now trades at 1.6727, enjoying the dollar’s weakness. For more on the Pound, read the GBP/USD Forecast.

In Europe, consumer price index is predicted to drop by 0.1%. CPI shows the European deflation in the best way. Core CPI is predicted to rise by 1.2%. The figures are annualized. This event will sure shake the Euro, after it started the week by making nice gains, now at 1.4974.  Also note a speech by ECB member Axel Weber, the first and not the last this week.

I recommend reading a piece by Casey Stubbs, that notices a head-and-shoulders pattern in EUR/USD.  For more on the Euro’s week, read the EUR/USD Forecast.

In Canada, Manufacturing Sales are expected to rise by 1% after falling last month. This is quite a volatile indicator. USD/CAD opened the week lower, at 1.0466 at the moment. For more on the loonie, read the USD/CAD Forecast.

American Retail Sales are expected to rise again. After a disappointing 1.5% drop last month, this major indicator is expected to rise by 1% this time. Core Retail Sales, no less important, are predicted to post a 0.4% rise, similar to last month’s 0.5% move.

Also in the US at around the same time, 13:30 GMT, the Empire State Manufacturing Index is predicted to drop to 29.9 points after months of climbing. Business Inventories are predicted to drop by 0.7%, after a fall of 1.5% last month. A continued drop in inventories is good for the economy – showing demand.

Ben Bernanke will speak at 17:15 GMT in a conference in New York. He might make some interesting statements regarding future policy. Concerns about the low interest rate in the US are heard all over the world. AlsoDonald Kohn, another FOMC member will speak near the end of the day.

Near the end of the day, Japan’s Tertiary Industry Activity is expected to rise by 0.1%, less than last month’s rise.

That’s it for a rather busy Monday. There are more interesting events on the road ahead. Check out the forex weekly forecast for more.

Britain supplies a very early start for the forex trading week with a house price index – the Rightmove HPI, an early indicator, that rose 0.6% last time.

For more on the GBP/USD, check out the British Pound Outlook.

Japan is expected to return to growth in the second quarter, following Germany and France. Prelim GDP is predicted to rise by 1.1% in the second quarter, after plunging by 3.8% in the first quarter. Prelim GDP Price Index is published together with the Prelim GDP, and it’s predicted to rise by 1.8%.

In Switzerland, that “suffers” from central bank interventions, Retail Sales are predicted to rise by 0.8%, after falling by 1.4% last time.

European Trade Balance enjoys a surplus, which is expected to grow from 0.8 billion to 1.4 billion. For more on the Euro, read the EUR/USD Outlook.

American Empire State Manufacturing Index disappointed last time by falling 0.6 points. This time it’s predicted to be positive – 2.8 points. The more interesting American release from today is the TIC Long-Term Purchases, which is expected to reflect a positive flow of money into the US, 17.7 billion. Last month, money fled out of the country.

That’s it for today. Not a bad start. It gets more busy later on. Check out the Forex Weekly Outlook for more.

Australia’s Monetary Policy Meeting Minutes starts the day. After Glenn Stevens’ speech, this will be another insight on the RBA’s view of the strong Australian economy. The AUD/USD will move strongly during the Asian session.

In Japan, the Revised Industrial Production is predicted to stay at a rise of 1.6%.

In Britain, CPI is still expected to be normal, with an annually adjusted rise of 2.4%. A higher value will send GBP/USD upwards. Core CPI is expected to stay stable, at 1.7%, and RPI (Retail Price Index) is expected to drop by 1.2% in the UK.

In Europe, German ZEW Economic Sentiment is a highly regarded figure, and it’s expected to rise to 20 points, from 13. Last week’s figures from Europe were bad, so this figure could be worse. Also note the all-European ZEW Economic Sentiment which bis predicted to show a rise from 11.8 to 14.3.

In the US, Building Permits are expected to stay stable at 0.53 million, and Housing Starts are predicted to rise slightly, from 0.51M to 0.52M. American housing is now stable, off the bottom, but the road to recovery is still narrow.

In Canada, BOC Deputy Governor John Murray will speak at a conference in Philadelphia. This is the first event for the loonie in this important week for USD/CAD.

Just before midnight GMT, Japan will publish the Prelim GDP for the first quarter of 2009. The Japanese economy has shown great weakness – the first quarter will show a contraction of 4.2%. Also note the Prelim GDP Price Index in the land of the rising sun.

Happy forex trading!