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The forex week start at slow pace, with only Canadian  Building Permits and Ivey PMI being the only highlights of the day. Let’s see what’s on the menu.

Australian  MI Inflation Gauge starts the week. Though it isn’t an important figure, it could still shake the Aussie. See my special analysis for the AUD/USD for this week.

Japanese  Leading Indicators are expected to decline to 75.3% from 77.2% last month. The Japanese economy is deteriorating fast, so the number could easily be worse.

European  Retail Sales are expected to fall by 0.3%, after rising by 0.1% last month. European PPI is expected to fall by 0.5%. Who said deflation?

Canadian Building Permits are expected to decline significantly for another month. This time it’s 3.6%, somewhat better than a fall of 4.6% last time. Contrary to American housing, Canadian homes still haven’t reached the bottom.

Also in Canada, Ivey PMI is expected to rise from 45.2 to 46.7. This is somewhat optimistic.

Federal Reserve Governor Kevin Warsh will speak in the evening, and he might encounter some tough audience questions. There’s a chance he’ll say something important.

And just before the end of the day,  New Zealand’s  NZIER Business Confidence is published.

Don’t worry, the rest of the week is much more active. Check out the Forex Weekly Outlook.