There will be a very busy news schedule this week compared to recent weeks, dominated by key central bank actions concerning the U.S. Dollar, Japanese Yen, and the Australian and New Zealand Dollars. The most important event of the month in the Forex market – the FOMC release – is happening this week and will be very keenly watched as to whether rates will be hiked before December or not.
The key day this week with the busiest schedule is Wednesday. Considerable volatility after the FOMC announcements is probable.
Monday and Thursday are public holidays in Japan.
U.S. Dollar
The greenback’s busy and crucial week begins on Tuesday with a release of Building Permits data, followed on Wednesday by the FOMC Statement, Economic Projections, Federal Funds Rate and the usual press conference, as well as Crude Oil Inventories numbers. Finally, on Thursday we will get Unemployment Claims data.
Japanese Yen
It will be a crucial week for the Yen starting on Wednesday after Monday’s public holiday with the release of the Bank of Japan’s monthly Monetary Policy Statement followed by the usual press conference. Thursday will also be a public holiday.
Australian Dollar
It will be an important week for the Aussie, starting with Tuesday’s release of the Reserve Bank of Australia’s Monetary Policy Meeting Minutes. On Wednesday the Australian government will publish its annual Mid-Year Economic and Fiscal Outlook.
New Zealand Dollar
It will be an important week for the Kiwi, starting with Tuesday’s release of GDT Price Index data. On Thursday we will get the Reserve Bank of New Zealand’s monthly Rate Statement and Official Cash Rate.
Canadian Dollar
It will be a reasonably busy week for the Loonie, starting with a minor speech from the Governor of the Bank of Canada on Tuesday. The true highlight of the week will arrive on Friday with Core CPI and Core Retail Sales data releases.
Euro
It will be a very light week for the Euro, with nothing due except for a speech by the President of the European Central Bank on Thursday.