Key Fundamental Forex Events and Forecasts for the Coming Week

The following table lists the key economic data and other events that are due out during the week of June 6^th – 10^th.

The list also includes the current market consensus forecast for each event and indicates what sort of deviation might affect the forex market valuation of the indicated currency positively.

Monday, June 6^th:

• AUD - ANZ Job Advertisements (-6.5%, > good for AUD)
• CAD - Building Permits (-21.1%, > good for CAD)
• CAD - Ivey PMI (69.1, > good for CAD)

Tuesday, June 7^th:

• AUD – Cash Rate Decision (4.75%, > good for AUD)
• AUD - RBA Rate Statement (hawkish = good for AUD)
• USD - Fed Chairman Bernanke speaks (hawkish = good for USD)

Wednesday, June 8^th:

• AUD - Home Loans (2.4%, > good for AUD)
• GBP - Halifax HPI out June 8-10 (0.4%, > good for GBP)
• GBP - Inflation Report Hearings, tentative (hawkish = good for GBP)
• CAD - Housing Starts (184K, > good for CAD)
• NZD - Official Cash Rate Decision (2.50%, > good for NZD)
• NZD - RBNZ Press Conference (hawkish = good for NZD)
• NZD - RBNZ Rate Statement (hawkish = good for NZD)

Thursday, June 9^th:

• NZD - RBNZ Governor Bollard speaks (hawkish = good for NZD)
• AUD - Employment Change (25.6K, > good for AUD)
• AUD - Unemployment Rate (4.9%, < good for AUD)
• GBP - Asset Purchase Facility (200B, < good for GBP)
• GBP - Official Bank Rate Decision (0.50%, > good for GBP)
• GBP - MPC Rate Statement, tentative (hawkish = good for GBP)
• EUR - Minimum Bid Rate Decision (1.25%, > good for EUR)
• EUR - ECB Press Conference (hawkish = good for EUR)
• CAD - Trade Balance (0.4B, > good for CAD)
• USD - Trade Balance (-48.6B, > good for USD)
• USD – Weekly Initial Jobless Claims (424K, < good for USD)

Friday, June 10^th:

• GBP - Manufacturing Production (0.0%, > good for GBP)
• GBP - PPI Input (-1.1%, > good for GBP)
• CAD - Employment Change (23.4K, > good for CAD)
• CAD - Unemployment Rate (7.6%, < good for CAD)

Technical Forecast and Levels to Watch for the Majors This Week

EURUSD:  Mildly Higher

Resistance:
Initial: 1.4642 and 1.4648.
Above: 1.4881, 1.4939 and 1.5144.

Support:
Initial: 1.4450, 1.4307, 1.4256, 1.4067 and 1.3967
Below: 1.3703/23, 1.3524/45 and 1.3420/98.

USDJPY: Mildly Lower

Resistance:
Initial: 80.64, 81.01, 81.31, 81.55 and 81.76.
Above: 82.01/22, 82.77, 83.09, and 83.77.

Support:
Initial: 80.04 and 80.00.
Below: 79.56, 78.24 and 76.41.

GBPUSD:  Mildly Higher

Resistance:
Initial:  1.6437, 1.6494 and 1.6542/98.
Above: 1.6720/1.6744, 1.6876 and 1.7040.

Support:
Initial: 1.6273, 1.6105/85 and 1.6000.
Below: 1.5971, 1.5935, 1.5824 and 1.5750.

AUDUSD:  Mildly Higher

Resistance:
Initial: 1.0752/74, 1.0801 and1.0876/87.
Above: 1.0976, 1.1000, 1.1010 and 1.1500 (likely).

Support: 
Initial: 1.0642, 1.0567/94, 1.0469/78 and 1.0500.
Below:  1.0440, 1.0388 and 1.0287.

USDCAD:  Mildly Lower

Resistance:
Initial: 0.9815
Above: 0.9820/52., 0.9966,  0.9974/1.0057 and 1.0000.

Support: 
Initial: 0.9743 and 0.9640/54.
Below:  0.9603, 0.9572 0.95120, 9448/53, 0.9056 and 0.9000.

NZDUSD:  Mildly Higher

Resistance:
Initial: 0.8192, 0.8213 and 0.8262.
Above: 0.8500 (likely) and 0.9000 (likely).

Support: 
Initial: 0.8108, 0.8073, 0.8014, and 0.8000
Below:  0.7900, 0.7816/58, 0.7744, 0.7668, 0.7580/82 and 0.7500.