Lots of important figures are released around the globe. German ZEW Economic Sentiment and American Building Permits stand out. So, what’s on the menu? Will the dollar continue falling?
Australia starts the day with the Monetary Policy Meeting Minutes. It will be interesting to look into the minds of the RBA members, when they took a surprising (some say defiant) decision not to cut interest rates.
In the morning, Switzerland will release the quarterly Industrial Production, which is expcted to fall by 0.1%. Also in Switzzerland, SECO Economic Forecasts, a report that has a high reputation.
In Europe, the German ZEW Economic Sentiment is considered one of the best indicators to the buying mood in the continent’s biggest economy. It overshadows the ZEW Economic Sentiment for all of Europe, published at the same time.
In Canada, Labor Productivity is expected to remain unchanged, for a second quarter in a row. On the other hand, Manufacturing Sales are expected to plunge, this time, by 5.7%, after last month’s dive of 8%.
And to the main dish: American Building Permits are predicted to squeeze a little more: from 530,000 to 500,000. The situation of real estate will also be reflected in the Housing Starts figure, expected to crunch lower as well: from 470K to 450K.
Another important figure in the states is PPI, expected to rise by 0.3%. The Core PPI is predicted to rise by only 0.1%. A drop in the Producer Price Index won’t be a surprise, since the economy is shrinking rapidly.
In the evening, both BoE’s Mervyn King and ECB’s Jean-Claude Trichet will be speaking. These speeches could affect both the Pound and the Euro. IT will be interesting to follow the EUR/GBP cross.
That’s it for Tuesday. Wednesday features lots more indicators. I’ll post an outlook for Wednesday. In the meantime, there’s the forex weekly outlook.
Happy forex trading.