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US unemployment claims expected to drop this month, Federal Reserve Chairman Ben Bernanke speaks in Philadelphia and Federal Reserve Governor Donald Kohn participates in a panel discussion in Ottawa.  In Europe the economic recovery is underway although it is set to be a gradual one. Let us see what awaits us today.

In the US, Unemployment Claims is foreseen a reduction of 5000 from 444K in the previous month an optimistic sign for US economy.

Later in the US, Federal Reserve Chairman Ben Bernanke speaks about reinventing older communities at the Federal Reserve’s Conference, in Philadelphia and Federal Reserve Governor Donald Kohn participates in a panel discussion titled “Monetary Policy and Lender of Last Resort” at the Centre for Monetary and Financial Economics Conference, in Ottawa Currency rates could be affected and future monetary policy may be disclosed.

More in the US, Import Prices are expected to rise by 0.1% from the previous month may bring up inflation rate.

Finally in the US Natural Gas Storage is expected to rise this month from 83B to 102B.

In Canada, BOC Deputy Governor Pierre Duguay participates in a panel discussion at the Carleton University, in Ottawa.

For more on USD/CAD, read the  Canadian dollar forecast.

In Europe, European Central Bank Monthly Bulletin is released providing a detailed overview of recent economic and monetary developments in the euro area in the form of text and statistics with a detailed analysis of current and future economic conditions from the bank’s viewpoint.

For more on the Euro, read the  EUR/USD forecast and Casey Stubbs’  latest analysis.

In Great Britain, Trade Balance is expected to increase its deficit by another 6.5 B 0.3B more than in the previous month. This could weaken the sterling.

More in Great Britain, Department for Communities and Local Government House Price Index measuring the change in the selling price of homes is expected to rise this month by 1.5% compared to 7.4% in the previous month.

Read more about the Pound in the  GBP/USD forecast.

In Australia, Employment Change is expected to edge up to 22.6K from 19.6K in the previous month. This will have a positive impact on the market.

More in Australia, Unemployment Rate is expected to remain 5.3% keeping unemployment rate at almost half the level of the U.S. and Europe.

Finally in Australia, Reserve Bank of Australia, assistant Governor Dr. Philip Lowe speaks at the Colonial First State’s Investment Forum, in Sydney may effects key interest rates and gives clues regarding future monetary policy.

For more on the Aussie, read the  AUD/USD forecast.

In New Zealand, Retail Sales  are expected to climb to 1.2% after the previous drop of -0.6% as well as Core retail sales also expected to rise to 1.5% after a fall of -0.9% indicating that New Zealand’s economy recovers from its recession largely due to improved consumer confidence, which has led to a pick-up in household spending.

In Japan, Economy Watchers Sentiment I expected a rise of 0.4 points from 27.4 points in the previous month and Prelim Machine Tool Orders measuring the Change in the total value of new orders placed with machine tool manufacturers has increased considerably in the previous month and is expected to have a similar increase this month as well which is a good indicator to the market’s productivity.

That’s it for today. Happy forex trading!

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