US Inflation data, Retail sales and Ben Bernanke’s testimony are the highlight of today’s outlook. Let’s see what awaits us today.
In the US, Retail sales a consumer spending indicator dropped 0.2% in May better than the 0.3% decrease expected following 0.3% gain in the prior month. A smaller drop of 0.1% is forecasted now. Meantime Core retail sales excluding auto sales increased by 0.3% in line with predictions following 0.5% gain in the previous month. A smaller increase of 0.1% is predicted.
Later in the US, Producer Price Index an indicator if inflation increased by 0.2% in May above the 0.1% gain forecasted following 0.8% addition in the month before. A drop of 0.2% is anticipated While Core PPI gained 0.2% as expected following 0.3% rise in April. Another 0.2% increase is expected.
More in the US, Unemployment Claims, a weekly indicator of theUSjob market measuring the number of people claiming initial unemployment benefits, dropped by 14,000 to 418,000 last week. This positive reading was below the 421,000 predicted and less then the 432,000 reading in the week before. Another decrease to 413,000 is expected now.
Also in the US, Ben Bernanke Federal Reserve Chairman will testify before the Senate Banking Committee, inWashington. His words have high impact on the USD.
Finally in the US, Business Inventories measuring the value of stored merchandise a business spending indicator decreased in April compared to the previous month gaining 0.8% following 1.3% in March. Another reduction to 0.7% is predicted now.
In Europe, ECB Monthly Bulletin release provides the data the ECB board members examined before making the rate decision revealing economic conditions.
More in Europe, Consumer Price Index increased by 2.7% in May in line with expectations following the same increase in the month before. The same increase is likely to occur this time while Core CPI volatile components increased by 1.5% broadly within expectations following 1.6% increase in the previous month. Another 1.5% gain is predicted.
For more on the Euro, read the Euro to dollar forecast.
InAustralia, MI Inflation Expectations a future inflation indicator increased by 3.3% in May the same as in the previous month. A similar increase is expected now.
For more on the Aussie, read the AUD/USD forecast.
In New Zealand, REINZ house price index an indicator of the housing industry condition dropped by 1.8% in May following 1.1% gain in the previous month. A small rise is predicted.
For more about the kiwi, see the NZD/USD forecast.
In Japan, Monetary Policy Meeting Minutes will issue the proceedings of the BOJ Policy Board meeting and provide information in the market condition and future monetary policy.
Read more about the yen in the USD/JPY forecast.
For more events later in the week, check out the Live Forex Calendar
Happy forex trading
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