Ben Bernanke will dominate the scene today with a testimony in Washington. There are lots of other important events from all over the world. Let’s see what’s up for today.
At the time of writing, EUR/CHF is still at an all time low, under 1.43. A massive intervention by the Swiss National Bank can happen anytime now. OK, let’s start the review:
Federal Reserve Governor Donald Kohn will start the day with a speech about monetary policy. Later, Federal Reserve Bank of Cleveland President Sandra Pianalto will also speak in a conference. Will they hint about the rates?
These will be a warm up for the main speaker of the day: Ben Bernanke. In his testimony in front of House Financial Services Committee, Bernanke will speak about the exit strategies of the bank. This testimony, starting at 14:00 GMT, will include tough questions and will case volatility for many hours.
Later, also US Treasury Secretary Timothy Geithner will speak before a committee in Washington and might move the markets as well. American Unemployment Claims are predicted to drop for the fourth month in a row – from 457K to 453K, giving hope for a positive NFP.
In Australia, the RBA Financial Stability Review will probably show satisfying stability, and will support the Aussie. Later, RBA governor Glenn Stevens will speak in a conference and could shake AUD/USD. The CB Leading Index can also have an impact on the Aussie – it’s expected to rise.
For more on the Australian dollar, read the AUD/USD forecast.
The struggling Euro will receive three indicators today: GfK Consumer Climate from Germany is predicted edge down from 3.2 to 3.1 points. In Europe’s second largest economy, France, Consumer Spending dropped by 2.7% last month, and is now predicted to rise by 0.3%.
The last indicator is the M3 Money Supply. The amount of money in circulation stopped rising, indicating ongoing deflation. It’s predicted to squeeze by 0.1% this time.
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Britain, Retail Sales are predicted to rise by 0.6% after dropping by 1.8% last month. This should help stabilize the volatile Pound. Read more on the British Pound in the GBP/USD forecast.
In New Zealand, Trade Balance is expected to show a smaller surplus – 242 million. NZD/USD is around 0.70.
Japanese Tokyo Core CPI has the strongest impact of all inflation figures. A small improvement, from a drop of 1.8% to a drop of 1.7% is predicted this time.
That’s it for today. Happy forex trading!
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