This week should be more news-driven than last week, with key central banks releases on the USD, JPY and AUD. The USD will of course dominate as it is central to the Forex market, which is usual, but right now focus on the USD is very dominant and Wednesday could have a key impact on whether the USD continues to sell off or begins to bounce back. Australia may have more of an impact from Japan with the AUD poised to begin a rise and it will be interesting to see if the minutes due contain anything to dampen that. There is also a fair amount of economic data due from the U.K., the Eurozone, and Canada.
U.S. Dollar
This week will be dominated by the release of the FOMC Meeting Minutes coming out on Wednesday’s. The market’s attitude towards the US Dollar, as usual, is the center of attention, and the language used will be key to how that develops. The day before, Tuesday, will see the release of Building Permits data. On Thursday we will get Unemployment Claims and the Philly Fed Manufacturing Index. Finally, Friday will see the release of CPI data. Overall, it will be a busy week for the U.S. Dollar.
Japanese Yen
It will be an important week for the Yen. On Wednesday there will be a release of Preliminary GDP data which is expected to give a good insight into the health of the economy. Most importantly, Friday will see the release of the highly important Bank of Japan Monetary Policy Statement and Press Conference, followed later that day by the participation of the Governor of the Bank in a panel discussion.
Australian Dollar
There is only one item concerning the Australian Dollar this week, but it is highly important: the RBA will be releasing its Monetary Policy Meeting Minutes on Tuesday.
British Pound
There will be a few items from the U.K. this week. Tuesday will see the release of CPI data. On Wednesday the detailed voting number’s behind the recent decision to maintain the Base Rate at 0.50% will be released, although this is considered unlikely to show any changes. Thursday will see a release of Retail Sales data. Finally, the Governor of the Bank of England will be speaking on Friday in a panel discussion.
