By TraderVox.com
Tradervox.com (Dublin) – The dollar has declined against major currencies as weak US data continued to be published during the first few days of the week. Today, US building permits and the UK MPC Meeting minutes are the main reports awaiting the market.
However, the Fed Chairman Ben Bernanke continues with his testimony before a Senate Banking Committee in Washington. This will be a closely monitored event as investors and analysts look for any indication on future possible measures to stimulate the US economy. Still staying in the US, the market will be given the US building Permits report, which is expected to show a decline of 0.2M from the 0.76M registered previously. However, some good news will be in the Housing Starts report which is expected to show a rise of 0.3 M. Another eagerly awaited report will be the US Beige Book which is used by the FOMC to make interest rate decisions. The US crude oil inventories will be another report that will affect the market today. The report is expected to show a figure of negative 4.7M which is similar to last month’s figure.
Investors and analysts will also be looking at Canada where some reports are expected to catch the markets’ attention. First, the Bank of Canada monetary policy report will be released; this is expected to provide insights on the banks stand on inflation and monetary policy. After this, the BOC press conference will be another important event for the market participants.
There will also be an eye on Great Britain where the Claimant Count Change report will be released. There is an expectation of reduction in this figure to 7,400 from 8,100 registered last month. The eagerly awaited monetary policy committee meeting minutes are expected to show how economic conditions influenced on BOE’s interest rate decisions. Remaining in Great Britain, the Unemployment Rate data will be released where a figure of 8.2 percent is expected; this is the same as the last three months. Finally, the average earnings Index is expected to remain at 1.4 percent.
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