Very interesting outlook today, G20 Meetings President Thomas Hoenig speak about the US economic outlook in Albuquerque, German Ifo Business Climate and more exciting news. Let’s see what await us today.
In the US, Federal Reserve Bank of Kansas President Thomas Hoenig Due to speak about the US economic outlook at the business and community leaders conference, in Albuquerque > Federal Reserve FOMC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy
Group of Twenty (G20) Meetings (Day 1&2) are attended by finance ministers and central bankers from 20 industrialized nations including the G7 nations – Canada, Italy, France, Germany, Japan, the UK, and the US. The meetings are closed to the press but officials usually talk with reporters throughout the day, and a formal statement covering policy shifts and meeting objectives is released after the meetings have concluded. While it’s not an institution, the G20 is an influential global policy-making body operating at the highest level, and their initiatives and policies can impact the currency markets.
In Canada, Consumer Price Index (CPI), that measures the price of goods and services purchased by consumers is about to rise by 3% and the Core CPI by 2%. This is the most important inflation-related release due to its earliness and broad scope. Consumer prices affect the Inflation and currency valuation.
More in Canada, Retail Sales that measures the total value of sales at the retail level, is due to remain 0.1% like on the previous month, and the Core Retail Sales (excluding automobiles) is about to rise by 9%. It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, German Information and Forschung (Ifo) Business Climate, survey of about 7,000 businesses to rate the level of current business conditions and expectations for the next 6 months, is about to drop down by 0/3 points. Highly respected due to its large sample size and historic correlation with German and wider Eurozone economic conditions. It tends to create a hefty market impact upon release;
Also in Europe, Belgium National Bank of Belgium (NBB) Business Climate, survey of about 6,000 businesses to rate the of current business conditions and expectations for the next 6 months, about to remain -3.4 same as last survey and indicates worsening conditions. This survey is highly respected due to its source and large sample size. source changed series calculation formula as of April 2009;
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Australia, Import Prices that measures the price of goods purchased by importers, is about to drop down by 1/9%. It contributes to inflation for businesses and consumers, especially those who rely heavily on imported goods.
For more on the Aussie, read the AUD/USD forecast.
That’s it for today. Happy forex trading!
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