However, in the coming few hours, the leading currencies, such as the GBP/USD cross will be under much pressure from the Dollar, as a string of data is set to be released from the U.S. At 13:30 GMT, the Unemployment Claims, Prelim Nonfarm Productivity and the Prelim Unit Labor Costs will all be published simultaneously from the U.S. Surrounding these releases; there will be very high volatility in the forex market. Thus to open big positions in the U.S. Dollar now will be the wisest decision that you make this week.

source:  forexyard.com

- It’s the primary gauge of consumer spending, which accounts for a majority of overall economic activity.

- British retail sales have stayed unchanged in the past 2 months, disappointing the Pound. This time, they’re expected to rise by 0.6%. Like in every country, this is a major release; any number will move the market.

13:30 GMT U.S Unemployment Claims

- The number of individuals who filed for unemployment insurance for the first time during the past week.

- This is the nation’s earliest economic data. The market impact fluctuates from week to week – there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes.

16:00 GMT EUR ECB President Trichet Speaks

- The president of the European Central Bank sometimes slips a worried call that shakes the markets, although he’s been rather mild in the last rate decision.

- This week, he speaks in three events: the first was on Wednesday at 8:40 GMT, the second, that focuses on monetary policy, will take place Today at 16:00 GMT is of higher importance, and the third one is about the exit strategy to the crisis, and will happen on Friday at 10:30 GMT – probably the most important speech.

- As head of the ECB, which controls short term interest rates, he has more influence over the EUR value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.

source:  forexyard.com