A good stat of the week for US market Consumer Confidence index and House Price Index are expected to rise. A Positive tendency is also felt in other markets.
Let’s see what awaits us today.
In the US, Consumer Confidence is up in the US, a leading indicator of consumer spending released monthly shows an expected rise from 52.5 to 53.7 points.
Later in the US, Federal Reserve Chairman Ben Bernanke testifies before the National Commission on Fiscal Responsibility and Reform, in Washington DC. As head of the central bank, which controls short term interest rates, he has more influence over the nation’s currency value than any other person. This could stir up things in the US market.
More encouraging news from the US, Composite-20 House Price Index, released monthly, indicator of the housing industry’s health, is expected to edge up from -0.7% to 1.4%. This could increase housing market activity.
Finally in the US, Richmond Manufacturing Index, a survey of manufacturers in the Richmond area shows an expected rise from 6 to 7 points.
In Canada, Mark, Carney Bank of Canada’s governor testifies before the House of Commons Standing Committee on Finance, in Ottawa. This could lead to change in currency and future monetary policy.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, German Consumer Climate index, a leading indicator of consumer spending is also expected to rise from 3.2 points to 3.4 points showing improvement in the overall economic situation.
Also in Europe, Following a speech of the European Central Bank President Jean-Claude Trichet at the Council on Global Affairs, in Chicago and at the Kellogg School of Management in Chicago Illinois, changes are likely to occur in the Euro currency.
Also in Germany, German Import Prices index, released monthly, measuring change in the price of imported goods purchased domestically, is expected to rise slightly from 1% to 1.2%.
In Switzerland, UBS Consumption Indicator is likely to remain the same as last month around 1.20 points.
In Great Britain, Confederation of British Industry realized sales are expected to jump from 13 points to 16 points as a leading indicator of consumer spending it shows a positive vibe in the British market.
More in Great Britain, British Bankers’ Association (BBA) Mortgage Approvals is expected to edge up from 35.3K to 39.3K. As the representative of more than 60% of total UK mortgage lending it shows a positive tendency in the market.
Read more about the Pound in the GBP/USD forecast.
In Australia, Producer Price Index a leading indicator of consumer inflation tends to rise from -0.4% to 0.7%.
More in Australia, National Australia Bank Quarterly Business Confidence, released quarterly used as a leading indicator of economic health will probably remain around 18 points.
Finally in Australia, Reserve Bank of Australia assistant governor Dr. Guy Debelle speaks at the Mortgage & Finance Association of Australia’s Breakfast Seminar, in Sydney. Is bound to change interest rates in the Australian market.
For more on the Aussie, read the AUD/USD forecast.
In Japan, Retail Sales are expected to go down from 4.2% to 3.7%.
That’s it for today. Happy forex trading!
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