After a week with high volatility, we have quite a few indicators to start the week, that already started with dramatic weekend gaps. Let’s see what’s up for today:
European leaders might rescue Greece – this is what pushed EUR/USD higher on Friday, after it was beaten beforehand. The Euro won’t receive any indicators today, but will move on news about the crisis. It enjoys the weekend gap strongly. Let’s see the indicators:
Japan starts the day with the Monetary Policy Meeting Minutes. They will show what the central bankers were thinking before the recent decision. Did they weigh in the option of a Yuan devaluation?
In Australia, Home Loans are predicted to drop by 0.9%, a more modest drop than last month’s 7.9% plunge. The Aussie is at a critical spot.
For more on the Aussie, read the AUD/USD forecast.
In Britain, the CB Leading Index is expected to show a small rise. The more interesting British releases come at the end of the day: BRC Retail Sales Monitor will give a good indication towards the retail sales figure.
At the same time, the RICS House Price Balance will probably show that housing prices are cooling. This will continue a trend that began a few months ago, but isn’t fully supported by other housing figures.
Also GBP/USD is at technical crossroads. For the pair’s levels, check out the British Pound forecast.
USD/CAD parity will come to another test with two important Canadian figures: Housing Starts are expected to advance from 197K to 201K. This figure surprised in recent months.
The second event comes from the central bank: the BOC Business Outlook Survey is a comprehensive quarterly survey that gives a good indication about the state of the economy. This can contain hints about future policy.
For more on USD/CAD, check out the Canadian dollar forecast.
In the US, the Federal Budget Balance is expected to show a smaller deficit this time – 155 billion dollars. A big deficit, as seen last month (220 billion), will weigh on the dollar.
That’s it for today. Happy forex trading!
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