The week ends with relatively light calendar. with major events coming mostly from Canada. Let’s see what’s up for today:
Is EUR/USD starting the fall? It’s still in a range, but fails to reach higher ground again and again. I think it’ll drop soon. What do you think?
German PPI starts the day with an expected rise of 0.1%, after a 0.8% rise last month. Later in Europe, Jean-Claude Trichet, president of the ECB, will speak in Brussels.
For more on the Euro, read the EUR/USD forecast.
In Britain, BOE Deputy Governor Paul Tucker will speak in just after Trichet, and might shake the Pound. Despite excellent employment figures earlier this week, GBP/USD couldn’t hold above 1.5350, a critical level.
For more technical levels, read the GBP/USD forecast.
Moving to Canada, CPI is expected to rise b 0.4%, after last month’s 0.3% rise. Core CPI, which is an important figure for policymakers, is predicted to rise by 0.3% after edging up by 0.1% last month. Stronger figures are necessary for a rate hike.
Later in Canada, retail sales are also expected to advance steadily, by 0.6%, faster than last month’s 0.4% rise. Core retail sales are expected to rise by 0.5%. USD/CAD is getting close to parity…
That’s it for today. Happy forex trading!
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