Two U.S. figures will be in the limelight today: retail sales and consumer sentiment. In addition, we have employment figures from Canada and other events. Up to now, this week saw tight trading, especially in the major pairs. Only the Aussie stood out with a break, enjoying good employment figures among other reasons to rise.
OK, let’s start the review:
German wholesales prices rose by 0.1% versus a 0.6% rise forecast. Later in Europe, Industrial Production posted a record rise of 1.7% after falling last month. Apart from indicators, two speeches are due in Europe: Bundesbank president Axel Weber will speak in Bonn and ECB president Jean-Claude Trichet will speak in Stanford. EUR/USD is rising within the range. For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Britain, we also have a speech: MPC member Spencer Dale can shake the Pound when he makes a public appearance. For the Pound’s levels, read the GBP/USD forecast.
The Canadian dollar will have a chance to break below 1.02 when the employment figures are released. Canada’s Employment Rate dropped to 8.2% as the economy gained 21,000 jobs. These important figures come after a tight week, in which USD/CAD traded lower, but couldn’t break below 1.02. For more, read the USD/CAD forecast.
In the US, Retail Sales posted a strong gain with a 0.3% rise, adding to the nice rise of 0.5% last month. Core retail sales, no less important, rose by 0.8%. This important figure will shake the markets, but there’s another one released soon afterwards. Consumer sentiment is expected to edge up from 73.6 to 74. This is the initial release by the University of Michigan. This figure is released near the close of the markets, so it will move them strongly.
Also in the US, Business Inventories fell 0.2% after dropping by the same scale last month. Treasury secretary Timothy Geithner will speak at a conference in Washington, and can also shake the dollar.
That’s it for today. Happy forex trading!
Yohay Elam is the owner of Forex Crunch, a blog about the foreign exchange market. It includes tutorials, basics of the forex market, daily and weekly forex analysis, technical analysis, forex software posts, and whatever is related to Forex.
Article copyrighted by Yohay Elam. Content published with author's permission.
