The last day of this week has many important releases, and two special events: G7 Meetings and the Bank Stress Test Info. Let’s see what’s on the menu in this exciting day:
G7 Meeting are held throughout the day in Washington DC. This may also be seen as a follow up on the G20 summit, that pledged $1 trillion to the IMF. They will discuss how to get out of the current global crisis, and focus on the IMF’s role.
Finance Ministers and central bankers will speak throughout the day, and a press conference will be held by US Treasury Secretary Tim Geithner at the end of the day, at 20:30 GMT. The market will surely move on interesting statements.
Another unusual event is the stress tests release. Bank Stress Test Info will outline the tests that 19 major American banks will go through. The details of the test can determine the results, that reflect the strength of US banks, and the dollar. The document, and commentary about it, is significant to the strength of the US dollar.
French Consumer Spending starts the day, and it’s expected to rise by 0.2%, after last month’s fall of 2%. The main event in Europe today is the German Ifo Business Climate, predicted to rise from 82.1 to 82.4. After yesterday’s good PMI data, this figure could be better.
In Britain, there are two major figures that complete this critical week for the Pound: Retail Sales are expected to drop by 0.3%, after last month’s fall of 1.9%.
The main figure is the Prelim GDP: British GDP is expected to show a fall of 1.5% in the first quarter of 2009, after falling by 1.6% in the last quarter of 2009.
Only a positive GDP figure can help the Pound, after the blow it go from Alistair Darling.
In the US, Durable Goods Orders are expected to fall by 1.4%, after rising by 3.5%. The more important figure: Core Durable Goods Orders, is also expected to fall: by 1.2%, after a rise of 3.7% last time.
An hour an a half later, New Home Sales will complete the American housing data this week. It’s expected to be almost unchanged, at 340K. Yesterday, Existing Home Sales disappointed. Will the New Home Sales follow?
As aforementioned, this day’s G7 Meetings, and Geithner’s speech at the end of them, will keep the market moving till the late hours of Friday.
Happy Forex Trading!
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