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Forex trading began with news from Japan: GDP in Japan fell by 3.3%, more than expected. This sent USD/JPY up to 91.90.  

In other data from Japan, the  Revised Industrial Production fell even more than the preliminary figure, by almost 10% – 9.8%.

These bad figures might have caused BOJ Governor Masaaki Shirakawa to give an unexpected speech in parliament.  He is expected to shed some light on the state of the economy and on the plans of the BOJ.

Apart from Japan, there isn’t much data today. In Britain, the  Rightmove HPI rose by 1.2%. GBP/USD is now trading at 1.4222.

Later in the day, monthly  Manufacturing Sales will be released in Canada. It’s expected to fall by 5.5%.  Foreign Securities Purchases are predicted to fall by 1.7 billion in Canada.

There are more speeches today: FOMC’s Elizabeth Duke, ECB’s Jean Claude Trichet and British MPC member  Charles Bean will all talk. Stay tuned…

Tomorrow, there’s more action..

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