This week opens quietly, with most of Europe and the Western world on holiday, with the exception of the U.S.A. and Canada. Following the holiday, it should be a fairly significant week as it opens the month, as usual, with central bank statements and actions for the USD, JPY, GBP and AUD. The major political area of interest that is likely to result in unscheduled, market-moving breaking news remains the European Greek crisis. Additional political focus is beginning to fall on the U.K. as next month’s election approaches and opinion polls continue to forecast a parliamentary balance that would make it almost impossible for any plausible government to be formed.
U.S. Dollar
This will be a big week for the U.S. Dollar as following last week’s disappointing Non-Farm Payroll numbers, all eyes will be on the FOMC Minutes that will be released on Wednesday. There will actually be a data release earlier on Monday with the ISM Non-Manufacturing PMI numbers. On Thursday, the day following the FOMC release, there will be additional economic data given with the Unemployment Claims numbers.
Japanese Yen
This will be a significant week for the Japanese Yen with the Bank of Japan’s Monetary Policy Statement being given plus a press conference on Wednesday.
British Pound
On Tuesday there will be a release of Services PMI data. Thursday will see the release of the Bank of England’s MPC Rate Statement and Official Bank Rate, followed on Friday by Manufacturing Production data.
Australian Dollar
Tuesday is going to be a big day for the Australian Dollar, with the RBA Rate Statement, Cash Rate, and Retail Sales data all due for release within a three-hour window before the London open.
Euro
Although most countries in Europe will be enjoying public holidays this Monday, Spain will be at work as usual, and will be releasing Spanish Unemployment Change data this day. This is the only high-impact news scheduled for the Euro this week.
Canadian Dollar
There will be a release of Ivey PMI data on Monday followed by further releases at the end of the week. On Thursday there will be Building Permits data followed on Friday by Unemployment Change and Unemployment Rate data.