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Forex trading begins slowly this week, with a few indicators and some news affecting the markets. Let’s see what’s up.

Trading will be affected by the optimistic G7 Meetings. Finance ministers expressed a notion that “the worst is behind us”. This could ignite risk appetite, which will send the dollar down. Read more about how the G7 optimism is bad for the dollar.

The first indicator of the week is the  GfK German Consumer Climate, expected to print 2.3 points, after last month’s 2.4. Later in Europe, Jean-Claude Trichet will speak in New York.

In Britain,  BBA Mortgage Approvals are expected to rise from 28.2K to 29.2K. British housing is still fragile.

Just before the day closes, Japanese Retail Sales are expected to plunge once again, this time by “only” 4.8%, after last month’s 5.7%. The figures are annually adjusted. Japan’s economy is shrinking very fast.

That’s it for today. You can see an overview of the rest of the week in the Forex Weekly Outlook.