After weeks of weakness, the US dollar made a strong corrective move, gaining across the board. Today’s CB Consumer Confidence is the main event, and there are lots of other events all over the world. Let’s see what’s up for today:
Australian NAB Quarterly Business Confidence was finally published, and it turned positive, rising to 16 points. This helped the Aussie slightly recover. AUD/USD now trades at 0.9180. The Australian dollar was also hit by yesterday’s disappointing PPI, that rose by only 0.1% last quarter.
For more on the Aussie, read the AUD/USD Forecast.
In Europe, the M3 Money Supply is expected to grow more slowly, at 2.1%, showing that deflation is still strong. EUR/USD now trades at 1.4895, bouncing off the support line. Read Casey Stubbs’ analysis about the Euro’s corrective move.
For more on the Euro, read the EUR/USD Forecast.
The British Pound is weathering this dollar correction quite well, with GBP/USD currently at 1.6335. CBI Realized Sales are due to double from 3 to 6 points, helping the Pound.
For more on the Pound, read the GBP/USD Forecast.
Moving to the US, the S&P/CS Composite-20 HPI is expected to show a softer fall in prices. An annualized figure of a 11.9% fall is predicted to be reported, better than the 13.3% fall.
The CB Consumer Confidence is expected to show that consumers are a little bit more confident, rising from 53.1 to 53.7 points. Late in the day, Timothy Geithner will be speaking, and he might slip something that will move the markets.
In Canada, BOC governor Mark Carney will start testifying in parliament and will talk about last week’s monetary report. USD/CAD gained from the dollar’s correction, rising above the 1.0625 support line, currently trading at 1.0684.
For more on the loonie, read the USD/CAD Forecast.
Japanese Retail Sales close the day, with an expected annual fall of 1.5%.
That’s it for today. Happy forex trading!Get the 5 most predictable currency pairs