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For more on the Dollar yen, read the USD/JPY forecast

After a few days of dollar and Yen rallying, this morning began in a calm way in the forex market.  Lots of data due today, that might signal new directions for forex trading.

In Japan, the  Overnight Call Rate stayed at 0.1% according to expectations. In the accompanying  Monetary Policy Statement, the BOJ stated that it still saw the economy shrinking, and that it would buy bonds in order to ease funding.

Regarding the Yen, BOJ said the high Yen hurting the economy, but  didn’t commit to intervening to lower its value. USD/JPY is now at 89.25, up from 13 year lows. There will be a BOJ  Press Conference later on.

In Europe, the monthly  French Consumer Spending is expected to show a small decline. The ECB Monthly bulletin will shed a light on the whole of Europe. Also the monthly  Industrial New Orders is an important figure in the Eurozone, and it’s expected to fall by 5%. EUR/USD is now at 1.3004.

Today, the  ZEW Economic Expectations will be published in Switzerland. -77.5 is the number that is fore-casted by traders. USD/CHF is at 1.1563.

The pound managed to recover from very deep lows yesterday and today it will only see one figure:  CBI Industrial Order Expectations which is predicted to stand at -39. GBP/USD is at 1.3859.

In Canada, which saw an interest rate cut this week, major figures are due today:  Core Retail Sales. A drop of 1.5% is expected. Also Retail Sales are fore-casted to fall, by 1.8%.

Later on in the day, the  BOC Monetary Policy Report will shake the Canadian dollar, as well as a speech by the BOC Governor  Mark Carney. USD/CAD is now at 1.2577.

In the US, we finally get some significant data this week. Building Permits should stand at 0.6 million. The weekly  Unemployment Claims are predicted to be stable, at 545,000.

Also the  Housing Starts are considered a signal for the Forex market. Another figure today from the US is the monthly HPI.

Crude Oil Inventories will be published for the first time after the Gaza war has ended. The number is expected to fall to 1.1 million barrels. The price of oil has remained under $40 dollars for quite a while.

So, lots of data for forex trading today.