The US Dollar fell today after Federal Reserve Chairman Ben Bernanke gave comments concerning the slow recovery of the U.S. economy which may keep inflation low. This hints towards a continued Fed policy of lower interest rates for the foreseeable future and short-term pressure on the USD.
Crude Oil prices continued declining for the fourth consecutive trading session following Bernanke’s speech and estimations for lower inflation and a weak U.S. economy. The price of Crude ended the day down at $74.14 after an opening price of $75.60. This was a price drop of almost 2%.
• 9:00 GMT – GBP Halifax Housing Price Index (HPI):
The leading indicator of the housing industry’s health shows the change in housing prices and can influence the movement of the Pound. The rate is expected to decline by 4%.
• 9:30 GMT – GBP Manufacturing Production:
The number is associated with the previous month and is a large percentage of total industrial production. The release is considered to be a good indicator of England’s overall economic health.
• 14:00 GMT – CAD Overnight Rate and Accompanying Rate Statement:
The Bank of Canada will announce its decision on the overnight rate which is not expected to change, along with the release of the accompanying rate statement. The explanation may contain hints at the future direction of Canadian monetary policy.
