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Ben Bernanke’ and Jean-Claude Trichet’ speeches are the highlight of today’s events. Here is an outlook on the market-movers awaiting us.

In the US, Ben Bernanke testifies at the Joint Economic Committee, in Washington DC. His words have a major impact on the market.

Later in the US, Sarah Bloom Raskin FOMC member is scheduled to speak in Columbia and answer questions.

Finally in the US, Factory Orders increased above expectations in July rising 2.4% following 0.4% decrease in the previous month. Economists expected 1.8% increase. A smaller rise of 0.2% is expecterd.

In Europe, Jean-Claude Trichet president of the ECB will testify in Brussels. His words may rock markets in light of the delicate position of some EU countries.

More in Europe, ECOFIN Meetings is an important event where European finance ministers discuss financial issues in the euro area. Greek Prime Minister George Papandreou canceled his scheduled visit to theUSin order to face ECOFIN decisions regarding another aid program to prevent default.

For more on the Euro, read the  Euro to dollar forecast.

In Great Britain, Construction PMI a building sector gauge decreased slightly to 52.6 in August following 53.5 in July. Another drop to 51.7 is forecasted.

More in Great Britain, MPC member David Miles speaks inOxford.

Later in Great Britain,Halifax house price index a major indicator of UKhousing industry, dropped unexpectedly by 1.2% in August while 0.5% gain was expected and following 0.2% increase in the previous month.

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

In Australia, Building Approvals a good indicator of future building activity, gained 1.0% in July, less then the 2.1% increase predicted but following a drop of 3.6% in the preceding month. An increase of 1.1% is forecasted now.

More in Australia, Trade balance surplus increased less than expected reaching 1.83B from1.82B in the previous month. Another expansion to 2.14B is forecasted.

Later in Australia, rate decision, The RBA decided to leave cash rate at 4.75% in September as in the preceding months. It is likely that the RBA will not change its decision and maintain the cash rate.

Also in Australia, Commodity Prices such as coal and other mining products areAustralia’s main field of export. Export earnings from commodities increased by 25.2% compared to a year before following 28.9% in the previous month indicating expansion in export income.

Finally in Australia, AIG Services Index based on non manufacturing sector increased to 52.1 in August following 48.8 in the previous month indicating improved market conditions.

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

In Japan, Average Cash Earnings decreased by 0.1% in July after 0.7% drop in the previous month indicating improvement in employment earnings.

Read more about the yen in the USD/JPY forecast.

Happy forex trading

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