New forex trading week: what’s happening?

David Hobart

A new foreign exchange trading week looks set to get underway – and this article will explore what to watch if you’re a trader over the coming days.

Today (Monday), there will be limited action in the forex markets, although there will be some activity in North America in particular.

In the US, the Federal Reserve Bank of Chicago’s National Activity Index (CFNAI) will be released at 1:30pm GMT.

In the same time slot over the border in Canada, wholesale sales information for December will be out as well.

Month on month, this is expected to show a change from -1.2% to + 0.5%.

The day will be rounded off by a Japanese data release at 11:50pm GMT.

The corporate service price index covering January will be out then and is due to show no year on year change from its previous position of 2.1%.

On Tuesday morning, German gross domestic product information for Q4 of 2019 is set to be revealed.

This data will no doubt be closely watched by traders, especially given that the health of the German economy has been questioned in recent weeks.

This indicator is, however, expected to show no change either quarter on quarter, where it currently stands at 0%, or year on year ,where it stands at 0.3%.

In the US, housing price information for December will be out at 2pm GMT.

This is expected to show a slight month on month change from 0.2% to 0.3%.

At 3pm GMT, consumer confidence figures will come out of the US.

Central bankers will also be busy on Monday, with a speech from the Bank of Canada’s Timothy Lane – who serves as deputy governor – occurring at 5:45pm GMT.

A speech from the US Federal Reserve’s Richard H. Clarida, who serves as vice chairman of its Board of Governors, will happen at 8pm GMT.

Wednesday looks set to be a quiet day, with the first major event being the release of the ZEW Survey of Expectations for Switzerland.

This release, which will be published by the Centre for European Economic Research at 9am GMT, is likely to be of significance for Swiss franc traders.

It’s possible to trade the Swiss franc online at a number of brokers, and one such online broker is ATFX.

There are lots of other options on the AFTX site too, including of course the US dollar.

That currency will be in the spotlight at 3pm GMT when new home sales data for January will be released.

Month on month, this is expected to show a change from 694,000 to 715,000.

At 9:45pm GMT, trade balance data for January will be released from New Zealand.

Looking ahead to Thursday morning, two Japanese central bankers are set to speak.

Goushi Kataoka, who sits on the Policy Board of the Bank of Japan, will speak at 1:30pm GMT.

While at 5am GMT, Deputy Governor Masayoshi Amamiya will also speak.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.

David Hobart
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