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Trade Balance in US, German ZEW Economic Sentiment in Europe and CPI in the UK are some of today’s highlights. Let’s see what awaits us today.

In the US, Trade Balance, value between imported and exported goods and services during the reported month; is about to reduce by 2.2B. Export demand and currency demand are directly linked.

Later in the US, Federal Reserve Bank of New York President William Dudley, due to speak about financial reform at the Institute of Regulation & Risk North Asia, in Hong Kong. Audience questions expected.

Later on in the US, Federal Reserve Bank of Dallas President Richard Fisher, Due to participate in a panel discussion titled “How does an Economy Grow” at the George Bush Institute, in Dallas.

Also in the US, Import Prices of goods and services purchased domestically; are about to rise by 0.7%. It contributes to inflation for businesses and consumers, especially those who rely heavily on imported goods and services.

Finally in the US, Federal Budget Balance, value between the federal government’s income and spending during the previous month; is about to rise by 65B, but still indicates a deficit of 157.5B.

In Canada, BOC Rate Statement, It’s the primary tool the BOC uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.

More in Canada, Overnight  Rate is due to remain 1%. Short term interest rates are the paramount factor in currency valuation – traders look at most other indicators merely to predict how rates will change in the future.

Moreover in Canada, Trade Balance, value between imported and exported goods during the reported month is due to reduce by 0.4B.

Finally in Canada, New Housing Price Index (NHPI); is about to rise by 0.1%. leading indicator of the housing industry’s health because rising house prices attract investors and spur industry activity.

For more on USD/CAD, read the  Canadian dollar forecast.

In Europe, Zentrum fur Europaische Wirtschaftsforschung (ZEW) Economic Sentiment, Survey of about 350 German institutional investors and analysts to rate the relative 6-month economic outlook for the Eurozone; indicates optimism with 29.8 points, and the German ZEW Economic Sentiment indicates optimism with 11.7 points. The ZEW survey is historically focused on the German economy, and Germany tends to lead the Eurozone economy.

For more on the Euro, read the  EUR/USD forecast.

In Great Britain, Consumer Price Index (CPI), price of goods and services purchased by consumers is due to remain 4.4% and the Retail Price Index (RPI) is due to remain 5.5%. RPI differs from CPI in that it only measures goods and services bought for the purpose of consumption by the vast majority of households, and it includes housing costs which are excluded from CPI

More in Great Britain, Trade Balance, value between imported and exported goods during the reported month is about to reduce by 1B. Export demand and currency demand are directly linked.

Read more about the Pound in the  GBP/USD forecast.

In Australia, National Australia Bank (NAB) Business Confidence, Survey of about 350 businesses to rate the relative level of current business conditions, indicates improving conditions with 14 points.

For more on the Aussie, read the  AUD/USD forecast.

In Japan, Monetary Policy Meeting Minutes, It’s a detailed record of the BOJ Policy Board’s meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates.

That’s it for today. Happy forex trading!

Event data credit:  Forex Factory

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