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What to Expect for the Forex Market This Week?

Monday was a pretty chill day for trading. There were not that many economic indicators published and the FX major currencies maintained their trend.

EURUSD remained stable around 1.3340 after a rally fueled by the Bundesbank announcement that they see a recovery for the European Union economy. USDJPY tried several times to remain above 98.00, but it seems that investors are still buying the Japanese yen. The current support sits at 97.00 and a daily close under this level might trigger further appreciation for the Japanese currency. AUDUSD has been in a rectangle for the past week. Its support is around 0.9080 while the resistance is situated at 0.9215. A break outside this box could signal the next move for the aussie. Cable broke 1.56 with the US dollar and seems to be in a steady uptrend. It would be advised to keep an eye over the economic calendar to anticipate the short term corrective waves.

The economic calendar will start to get crowded for the rest of the week.  Next on the list to be published are the following:

-          Monetary Policy Meeting Minutes and CB Leading index for Australia;

-          Speech from governor Wheeler of RBNZ, Inflation Expectations, Visitor Arrivals and Credit Card Spending for New Zeeland;

-          CB Leading Index, Foreign direct investments and HSBC Flash Manufacturing PMI for China;

-          Wholesale Sales, Retail Sales and Core Retail Sales and CPI with core CPI for Canada;

-          CBI Industrial Order Executions, Second estimates GDP, BBA Mortgage Approvals and Prelim Business Investments for Great Britain;

-          German PPI, German Flash Manufacturing and Services PMI, German final GDP and Consumer Confidence for the Euro Area;

-          Existing Home Sales, Crude Oil Inventories, FOMC Meeting Minutes, Unemployment Claims, Flash Manufacturing PMI, Jackson Hole and New Home Sales for the USA;

What to Expect for the Forex Market This Week? by