The forex market will be moved mostly by speeches around the globe. Important figures include Japanese Prelim Industrial Production and European Consumer Confidence. Let’s see what’s on the menu…
New Zealand starts the forex week very early, with the monthly Building Consents. They previously fell by 13.1% – very bad. A further decline could stop the kiwi’s rally against the dollar.
US Treasury Secretary Timothy Geithner will also speak very early – at the Inter American Development Bank’s Annual Meeting, in Medellin. Geithner sure knows how to shake the markets…
Australia will release the HIA New Home Sales which previously rose by 8.3%.
In Japan, Prelim Industrial Production is expected to drop by 9.1%. This is a bad figure, but lower than last month’s 10% fall. This release will have a strong impact on the USD/JPY.
In the morning, Britain will publish the Net Lending to Individuals which is expected to stand on 1.3 billion, more than last month’s 1.1 billion. Also in Britain, Mortgage Approvals are expected to rise to 34K.
In Europe, Jean-Claude Trichet will speak very close to the G20 summit. His speech will be closely listened to, and will move the EUR/USD. Also in Europe, Consumer Confidence is expected to be negative, at -33.
In Canada, Mark Carney will speak about banks and might set a direction for the loonie. Just before the day ends, RBA Deputy Governor Ric Battellino will talk in Brisbane.
That’s it for Monday. The week warms up very quickly afterwards. Do check out the Forex Weekly Outlook.
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