Yesterday’s trading session saw two main things:
1.Crude Oil continues to be the dominant investment in the market. Moreover, it seems that as long as the press continues to report that the global economic situation is improving, Crude Oil’s prices will keep climbing. From a technical perspective, it seems that a rounded bottom formation is being drawn on the daily chart, which means that a change in trends is taking place.
2.The JPY has halted its modest drop against the major currencies, and might soon resume seeing rising trends against the main currency crosses.
Regarding today’s trading, the leading publications that will impact the market today are the housing sector data from the U.S, scheduled at 12:30 GMT. Housing data from the U.S has managed to create great volatility in the market in the past few months, and today should be no different Current forecasts are predicting relatively positive figures for both the Building Permits and the Housing Starts indicators. This has the potential to support the Dollar today.
Also today, the Canadian Consumer Price Indices are expected to show that the inflation level in Canada is slightly lower than the previous release. Unless there will be a significant change in the actual results, this is unlikely to have a large influence on market volatility.
