Forex trading shifts a gear on Tuesday. Highlight of the day are the German Ifo Business Climate, CBI Realized Sales in Britain, and the CB Consumer Confidence in the US.
Yesterday, the dollar lost ground to the European majors. The Yen, in strong correlation with the dollar lost even more.
The day begins early, with quarterly PPI data from Australia. One of the world’s more stable economies is expected to show a rise of 0.4% in PPI. The NAB Business Confidence will follow down under.
In Europe, there are a few major releases. The monthly German Import Prices begins the day, and is expected to fall.
Later on, the important German Ifo Business Climate is predicted to stand on 81 points. At the same time, 9:00 GMT, the European Current Account is released and is expected to drop to -8.0 billion.
In Switzerland, the UBS Consumption Indicator is closely watched by traders of the chocola.
An important figure will be in Britain, where the pound rebounded yesterday: CBI Realized Sales is fore casted to fall by 53 points, slightly better than the previous figure of -55.
In America, the CB Consumer Confidence is predicted to stand at a low figure of 38.7, also slightly better than the previous release. This figure, due at 15:00 GMT, should shake the markets.
Accompanying it will be the Richmond Manufacturing Index (-50) and the S&P/CS Composite-20 HPI (-18.4%).
Near the end of the day, BOC’s Mark Carney will speak. Also in Canada, is the important Annual Budget Release.
Happy Forex Trading!