The week starts slowly without too many events. American Existing Home Sales stand out today. Let’s see what’s up for today.
Australian producer price index (PPI) disappointed with a drop of 0.4%. This important, quarterly figure was expected to rise by 0.1% after rising in the same manner last quarter. AUD/USD was going up before the release, and slowed down afterwards.
Later in the week, a more important inflation figure is due: CPI. For more on the Aussie, read the AUD/USD forecast.
German GfK Consumer Climate score 3.2 points, less than last month’s 3.4 points. EUR/USD reacted with a small drop from 1.4166 to 1.4136, still within the 1.40 to 1.42 trading range. A more important survey is tomorrow, from Ifo. Read more about the Euro in the EUR/USD forecast.
American Existing Home Sales made nice rises in the past two months, jumping from 5.57 to 6.54 million during this time. A setback is predicted to fall below 6 million – to 5.95 million. This will impact the dollar across the board.
That’s it for today. There’s lots more ahead. Check out the weekly outlook for more. Happy forex trading!
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