The fresh and exciting Forex trading week began with a stronger US dollar.
EUR/USD now trades at 1.3894, GBP/USD weakened to 1.4472, USD/CHF is now at 1.0784, and the USD/JPY is little changed, at 91.97.
The escalating war in Gaza still dominates the news – Israeli ground operation is weighing on oil prices – something that affects forex markets as well.
Today, a relatively small amount of data will be release, but there still are various interesting figures: In Switzerland, the SVME (“Schweizerischer Verband fur Materialwirtschaft und Einkauf” ) PMI will indicate where the Swiss economy is going to. The figure is expected to be at 34.7 – which is very low.
Later on, a first economic figure from Europe will be released for this week: the Sentix Investor Confidence is expected to drop by 44 points – bad data as well.
Britain’s dire economy will be seen in the Construction PMI. The Chartered Institute of Purchasing and Supply will release this important indicator about the state of building in the UK.
Construction data will also be released in the US – the monthly Construction Spending – expected to drop by by 1.3%.
The more interesting figure from today is the Total Vehicle Sales – since the Detroit’s auto industry almost went broke last month, this figure will be closely watched by Forex traders.
And at the end of the day, FOMC’s Janet Yellen will continue talking about the state of the American economy.
Have a successful trading day!