The week started with weakness in the dollar, including Sunday gaps in some currency pairs. Today’s main event is a double-feature trade balance release in the US and Canada. Let’s see what’s up for today:
British figures start the day: BRC Retail Sales Monitor, also known as the mini-retail-sales is expected to rise modestly. The RICS House Price Balance is predicted to rise to 38%, indicating a wide rise in British house prices.
Later in Britain, Trade Balance is predicted to show a smaller deficit. For more on GBP/USD, check out the British Pound forecast.
Australian Home Loans are expected to drop by 1.2% after a similar drop last month. The Aussie tested the important 0.9322 resistance line but bounced off it.
For more on the Australian dollar, check out the AUD/USD forecast.
American Trade Balance is expected to show a deeper deficit -34.9 billion compared to 32.2 last time. This will weigh on the dollar, already under pressure.
Canadian trade balance will be published at the same time, and here the story is different: the surplus is expected to rise. Choppy trading will probably be seen in USD/CAD.
Another figure in Canada is the NHPI (New Housing Price Index) which is expected to rise by 0.3%, exactly like last month. For more on the loonie, check out the Canadian dollar forecast.
That’s it for today. Happy forex trading!
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