Again, for the second week running this could be a very important week in the Forex market, primarily due to a possible approaching resolution of the Greek Euro crisis within the next few days, one way or another.
The Japanese Yen and Canadian Dollar will both be enjoying Central Bank statements, and there are also plenty of USD-related events. The Chair of the Federal Reserve’s Testimony could be key. That testimony, as well as the JPY and CAD announcements will all be taking place on Wednesday, which is therefore likely to be the most active day of the week.
Euro
The Euro will remain at the center of attention at least at the beginning of this week, as today (Sunday) sees an EU Economic Summit on the Greek crisis. This will be followed tomorrow on Monday by Eurogroup meetings all day on the same question. It seems highly likely that these events will determine whether or not Greece will remain within the Euro and the resolution of that question might have a big impact upon the EUR. On Tuesday there will be a release of German ZEW Economic Sentiment data. Thursday will see the announcement of the Minimum Bid Rate followed by the usual ECB Press Conference.
U.S. Dollar
Focus with then shift to the U.S. Dollar, beginning with Retail Sales data on Tuesday, followed by PPI data Wednesday and testimony from the Chair of the Federal Reserve before Congress. Thursday will see Unemployment Claims data and the Philly Fed Manufacturing Index, as well as continued testimony from the Chair of the Federal Reserve. On Friday plenty of data will be released: Building Permits, CPI, and Preliminary UoM Consumer Sentiment.
Japanese Yen
This will be an important week for the Yen. On Wednesday the Bank of Japan will issue its monthly Monetary Policy Statement, followed by the usual press conference.
Canadian Dollar
This will be an important week for the Loonie. On Wednesday the Bank of Canada will issue its monthly Monetary Policy Report, Overnight Rate, and Rate Statement. This will be followed by the usual press conference. Earlier the same day, there will also be a release of Manufacturing Sales data. On Friday we will also get Core CPI data.
British Pound
It will be a moderate week for the Pound. On Tuesday there will be a release of CPI data, followed on Wednesday by the Average Earnings Index and the Claimant Count Change numbers.
New Zealand Dollar
Wednesday will see a release of the GDT Price Index, followed on Thursday by CPI data.
Australian Dollar
On Tuesday there will be a release of the latest NAD Business Confidence survey data.