The Australian interest rate decision promises a strong opening for the day. Later on, European Unemployment Rate and American Pending Home Sales will dominate the scene. Let’s see what’s up for today:
Australian Building Approvals start the day. They are expected to rise by 2.1%, less than last month’s 3.5%. Current Account is predicted to show a deficit of 5.4 billion, smaller than last month’s 6.5 billion.
At 4:30 GMT, a new interest rate will be announced in Australia. The RBA isn’t expected to change the high Cash Rate, at 3%. The focus will be on the RBA Rate Statement, which might indicate the RBA’s views on the economy and hint on the next steps.
For a special coverage of the Aussie, read Will Australia go Down Under? Aussie Outlook
Swiss GDP for the first quarter is predicted to show a fall of 1.4%, after dropping by 0.3% in the previous quarter. Watch for moves in the USD/CHF. Also in Switzerland, SVME PMI is predicted to rise from 34.7 to 36.5.
In Britain, Halifax HPI might be published today. This isn’t certain…What is certain is the Construction PMI, a highly related figure which is predicted to rise from 38.1 to 29.1. Also in Britain, Net Lending to Individuals is predicted to rise to 1 billion. Near the end of the day, Nationwide Consumer Confidence is predicted to rise to 52 points.
For a special coverage of British events, read: Britain’s Got Talent.
European Unemployment Rate is probably still on the rise: expectations are for a rise from 8.9% to 9.1%. This will put pressure on Jean-Claude Trichet.
In the US, the main figure is Pending Home Sales. After a nice rise of 3.2%, they are expected to be modest time, rising only by 0.4%.
Another notable figure is the Total Vehicle Sales. With General Motors Bankruptcy in the background, this figure may well impact the greenback.
That’s it for today. Happy forex trading!