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US Federal Reserve Chairman Ben Bernanke delivers a speech in Tokyo, US Core Durable Goods Orders are expected to drop while Durable Goods Orders are expected to rise and New Home Sales are expected to edge up this month. Let us see what awaits us today

In the US, Federal Reserve Chairman Ben Bernanke delivers a speech titled “Central Bank Independence, Transparency and Accountability” at the Bank of Japan “Future of Central Banking under Globalization” conference, in Tokyo. Expected to affect interest rates and provide hints on future monetary policy.

Later in the US, Core Durable Goods Orders is expected to drop from 3.5% in April to 0.5% while Durable Goods Orders which includes transportation items is expected to rise from -0.6% to 1.4% this month.

More in the US, New Home Sales are expected to edge up this month by 9000 compared to 411K in April continuing the positive activity in the US housing market.  

Finally in the US, Crude Oil Inventories are expected a similar rise of 0.2 Million barrels this month

In Europe, Belgium NBB Business Climate is foreseen an additional rise of 0.3 points from -2.4 in April after a continuous improvement however it still requires improvement.

Also in  Europe, French Consumer Spending is foreseen a drop of -0.5% comparing to last month increase of 1.2% means customers are spending less.

Later in Europe, GfK German Consumer Climate is in for a slight drop from 3.8 points to 3.7 points.

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

In Great Britain, Nationwide House Prices measuring the change in the selling price of homes with mortgages backed by Nationwide is about to drop from 1.0% to 0.5% which affects the housing industry.

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

In Australia, Construction Work Done, released quarterly, measuring the change in the total inflation-adjusted value of construction projects completed is about to increase this quarter by 1.5% arriving to 4.1%.

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

In New Zealand, Trade Balance Is expected to drop this month by 112M NZD compared to 567M in April this could affect the market since New Zealand  is greatly dependent on international  trade.

In Japan, Trade Balance shows an expected increase of 0.02T from last month 0.67T indicating lively market activity.  

That’s it for today. Happy forex trading!

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