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Yesterday, the dollar made gains against all the currencies, except the Yen. Today, this trend is reversed: EUR/USD, GBP/USD and USD/CHF went against the dollar, while USD/JPY went in favor of the Japanese Yen.

In Australia, the monthly  Home Loans were surprisingly good – they showed a rise of 1.3%, more than 1.0% that was expected. AUD/USD now trades at 0.6771, a rise of 1.5%, after dropping significantly yesterday.

In Europe, the monthly  Industrial Production is expected to fall 2.1%. More from Europe:  French CPI and  Italian Industrial Production, both are monthly figures.

The major release for today is the  Retail Sales and Core  Retail Sales in the US. Both sales number are expected to drop by 1.2%. Forex traders will watch this data closely.

More American data:  Import Prices (big fall expected due to oil prices),  Business Inventories and the Beige Book.

Also the weekly  Crude Oil Inventories are due today. Oil prices have stabilized at 38.84, after significantly falling in the past week from about $50 per barrel. The Gaza war is still in action, with cease fire talks stalled and a looming Israel – Hizballah war being an option.

The president of  Venezuela, Hugo Chavez, wants to lower oil production output. Both factors aren’t sending the black gold up.

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