Weekly Outlook for Forex Markets

Major economic events to hit the forex markets in the current week and which can affect the trading of major currencies are as follows:

On Monday markets in United States, United Kingdom, Japan, Australia, New Zealand and Europe remained closed due to national holidays for the New Year.

On Tuesday, January 3rd, 2011, United Kingdom produced its data on manufacturing activity while in United States, data on manufacturing activity was reported. Moreover, US Federal Reserve released the minutes of its latest monetary policy meeting. Data on German unemployment change was released in euro zone. Switzerland released its purchasing managers’ index on Tuesday.

Markets in Japan remained closed due to national holiday while in Australia, data on commodity’s prices was published.

On Wednesday, January 4th, United States will report official data on factory orders while in United Kingdom data on construction activity will be published. The Bank of England will also report its data on net lending to individual consumers.

In euro zone, preliminary report on consumer price inflation will be published. France will report its official data on consumer spending on Wednesday.

On Thursday January 5th, 2011, data on house price inflation and services sector growth will be published in United Kingdom. The Bank of England will also release its credit conditions survey on Thursday. In United States, industry data on non-farm employment change, weekly data on jobless claims and data on crude oil inventories will be published. Moreover, report on service sector activity will be released by Institute for Supply Management.  Official data on German retail sales was released in the euro zone. In Switzerland, the central bank is expected to publish a report on foreign currency reserves.

In Canada, government data on raw materials price inflation will be reported.

On Friday, several reports will be published in United States which will include report on non-farm employment change, unemployment rate and official data on average hourly earnings. In euro zone, official data on retail sales and unemployment rate will be published. In Germany data on factory orders is to be produced on Friday. Switzerland will report its official data on consumer price inflation. In Canada, government data on employment change and unemployment rate will be released.

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