The week ends with relatively light calendar. with major events coming mostly from Canada.
Let’s see what’s up for today:
Is EUR/USD starting the fall? It’s still in a range, but fails to reach higher ground again and again. I think it’ll drop soon. What do you think?
German PPI remained unchange and could not manage the expected rise of 0.1%, after a 0.8% rise last month. And the president of the ECB, Jean-Claude Trichet spoke in Brussels. For more on the Euro, read the EUR/USD forecast.
In Britain, BOE Deputy Governor Paul Tucker spoke in just after Trichet, and urged top policymakers to tackle the global insolvency issues. Despite excellent employment figures earlier this week, GBP/USD couldn’t hold above 1.5350, a critical level. For more technical levels, read the GBP/USD forecast.
Moving to Canada, CPI rose by 1.6% higher than the 1.4% expected by the market. Core CPI, which is an important figure for policymakers, accelerated 2.1% from a year ago. Retail sales rose 0.7% to C$35.7 billion ($35.3 billion), faster than last month’s 0.4% rise. USD/CAD is getting close to parity…
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.
