A busy day expects forex traders, especially with US figures. Retail sales and consumer prices will be in the limelight. Let’s see what’s up for today.
EUR/USD continues to trade above the gap. While this is a sign of strength, the resolution to the Greek crisis is not fully realized, and the implications to the other countries could still weigh on the Euro. OK, let’s start the review:
Australia’s Westpac Consumer Sentiment starts the day. After a strong start to the week, the Aussie is struggling again.
For more on the Aussie, read the AUD/USD forecast.
In Japan, BOJ Governor Masaaki Shirakawa will speak at a conference in Tokyo, and he can shake the Yen – possibly sending it lower.
European Industrial Production is expected to rise by 0.2% following a rise of 1.7% last month.
For more on the Euro, read the EUR/USD forecast and Casey Stubbs‘ latest analysis.
Many American figures
American retail sales are expected to make a move forward: a rise of 1.1% will probably follow last month’s 0.3% rise. Core retail sales, which are no less important, are expected to rise by 0.5%, less than last month’s rise.
At the same time, consumer prices are predicted to provide another month of boredom – a rise of 0.1% is expected to follow last month’s stagnation. Core CPI will probably rise by 0.1%, the same as last month.
Later in the US, Business Inventories are predicted to rise by 0.3% after being unchanged last month. At the same time, 14:00 GMT, Ben Bernanke will begin his testimony in front of the Joint Economic Committee of Congress. If he makes some remarks about the economy in general, or the Chinese yuan, the markets will move.
Later in the US, the Beige Book will give an overview of the American economy, showing us what the Federal Reserve sees. Also note a speech by FOMC member Sandra Pianalto.
Just before the day ends, British Nationwide Consumer Confidence, a figure delayed from last week, is predicted to edge up from 80 to 81 points.
For more on the British Pound, read the GBP/USD forecast.
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