Just minutes ago news broke on the wires that the Aussie inflation data was only HALF what was forecast. The pair is currently getting crushed. Expectations for a rate hike were cut in half as well. Given the fact that New Zealand is announcing an interest rate "change" tomorrow around 21:00 GMT, and is widely expected to raise 1/4 of a percent, this could have a real impact. If Aussie inflation is falling, and Canadian inflation is falling, even if there is a rate hike tomorrow, it may very well be the last one for a while. That would make kiwi buyers dry up, and the currency fall sharply.
Tomorrow, we have durable goods orders due up for the US. They are expected to rise from last month, and that was actually revised upward. It is frankly very hard to make a case for rising orders at this point, but one can never tell.
Thursday will bring German unemployment. Given some of the other good news out of Germany, this could be potentially strong and move risk appetite back to the forefront of traders minds. This may be offset by the big dog of the news week on Friday.
Friday will bring the Advanced reading of US GDP. Economists are expecting a drop to 2.5% from 2.7% previously. A surpise one way or another may be really beneficial to the US Dollar.
Keep all these items on your calendar and your radar. They will be moving price action this week.
Happy Trading!
Bill
bil@thefxtradingmasters.com
www.thefxtradingmasters.com
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