We start the week with RBA Governor Glenn Stevens speech, Wholesale Sales in Canada, ECB President Trichet Speaks in Europe and more interesting news coming this week. Let’s see what awaits us today.
In Australia, Reserve Bank of Australia (RBA) Governor Glenn Stevens deliver a speech titled “Monetary Policy and the Regions” at the Foodbowl Unlimited Forum Luncheon, in Shepparton. And as of the central bank influence on the short term interest rates and subtle clues regarding future monetary policy.
In the US, NAHB Housing Market Index, Monthly Survey of about 900 home builders which asks respondents to rate the relative level of current and future single-family home sales increased by 1 point but still indicates a negative outlook on home sales.
In Canada, Foreign Securities Purchases a monthly data that Measures the total value of domestic stocks, bonds, and money-market assets purchased by foreigners during the reported month, increased by 2.72 B and directly linked to demand for domestic securities and currency demand.
More in Canada, Wholesale Sales, It’s a leading indicator of consumer spending – retailers generally order more goods from wholesalers when they expect consumer sales to increase, raised up by 0.9%.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, European Central Bank (ECB) President Jean-Claude Trichet speaks at the “Eurosystem Welcoming Estonia” event, in Tallinn. And as head of the ECB, influence the short term interest rates, euro’s value and used for subtle clues regarding future monetary policy.
Also in Europe, Italian Trade Balance, that measurers the difference in value between imported and exported goods during the reported month increased to -2.31 B, while a positive number indicates that more goods were exported than imported.
In Great Britain, Prelim Mortgage Approvals that measurers the new mortgages approved Number for home purchases during the previous month decreased by 1K. It’s a leading indicator of housing market demand – most home purchases are financed with a mortgage, so it provides an excellent gauge of how many qualified buyers are entering the market.
More in Great Britain, Rightmove House Price Index, the UK’s earliest report on housing inflation stabilized on 1.7%. It’s a monthly data that measures the asking price of homes for sale and it’s a leading indicator of the housing industry’s health.
but tends to produce a relatively mild impact because asking prices and selling prices are not always correlated that measurers the Change in the asking price of homes for sale;
Finally in Britain, Prelim M4 Money Supply, the total quantity of domestic currency in circulation and deposited in banks; decreased by 1% and It’s positively correlated with interest rates – early in the economic cycle an increasing supply of money leads to additional spending and investment, and later in the cycle expanding money supply leads to inflation.
Read more about the Pound in the GBP/USD forecast.
That’s it for today. Happy forex trading!
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