British Figures dominate the day, with Claimant Count Change, MPC Meeting Minutes and the Annual Budget Release being in the center. And there’s more from other places on the globe. Let’s see what’s up for today:
Australia’s quarterly CPI opens the forex trading day. It’s expected to rise by 0.5%, after last quarter’s fall of 0.3%. But after Monday’s very low PPI, it could be much lower. Also note the Trimmed Mean CPI in Australia.
Big day in Britain
It’s a big day in Britain (special coverage here), with many major releases: Claimant Count Change, the earliest and most significant unemployment indicator for the Pound, is expected to stand at 118, less than last month’s 138.4K.
At the same time, 8:30 GMT, the MPC Meeting minutes will be released. This will show us what senior British bankers think about the economy. These two figures will set the direction of the Pound, after GBP/USD didn’t wait for data to fall.
There’s more in Britain: Average Earnings Index that’s expected to rise by 1.4%, and the Public Sector Net Borrowing is expected to rise to 15.6 billion.
Also note the Prelim M4 Money Supply, expected to rise by 1.2%, and the Unemployment Rate, expected to rise from 6.5% to 6.7%. Despite being a late figure, it’s a figure that is quoted by the media.
Later in Britain, the Annual Budget Release is provided by the British government. This includes expected spending, borrowing, financial objectives and investments. The Pound will surely shake after this release, at 11:30 GMT.
There are more big events. Check out my special coverage: Critical Week for the Pound.
Canadian Leading Index is expected to fall by 0.7%, after rising last time. The surprising interest rate cut in Canada, and the accompanying BOC Rate Statement showed us that the situation in Canada is worse than expected.
In the US, Treasury Secretary Timothy Geithner will speak about global recession, and might release market moving remarks, since audience questions are expected. Also in the US, HPI is expected to turn negative, and fall by 0.7%.
During the day, the IMF will release it’s World Economic Outlook – this will mostly influence the US dollar vs. the rest of the world. More on the IMF World Economic Outlook and the Dollar.
Happy Forex Trading!