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Fed Chairman Bernanke Testifies in Washington DC & Trade Balance in the UK are only some of today’s highlights. Let’s see what awaits us.

In the US, Federal Reserve Chairman Ben Bernanke, due to testify on the economic outlook and monetary and fiscal policy before the House Budget Committee, in Washington DC. As head of the central bank has influence over the nation’s currency value.

In Japan, Household Confidence edged up to 41.1 points, higher than estimated. Japanese Machine Tool Orders printed 89.4%.

Later in the day, Core Machinery Orders are expected to jump by 5.2%, correcting a drop of 3% last month.  For more about the yen, see the USD/JPY forecast.

In Europe, German trade balance printed a surplus of 14 billion euros, above expectations. This helps the Euro, that is currently trading in a rather tight range. See the Euro/Dollar forecast for more.

British Trade Balance has shown growing deficits, and reached 8.7 billion last month. It’s  mow  predicted to squeeze down to 8.6 billion. This usually has a strong impact on the pound.

Also in the UK, BRC Shop Price Index rose by 2.5%. For more, see the GBP USD forecast.

Note that developments in Egypt could also rock the currencies. Happy forex trading!