Forex Market Trading May18 Preview

Forex Market Trading May18 Preview - The Bank of Japan is starting it's Monthly Policy Meeting today. The Bank of Japan is expected to leave rates unchanged on this meeting. Forex traders are starting to speculate the Bank of Japan may increase rates in July instead of June. Still the yen is strong against the board. Above is a chart of the usd / jpy. Just like all the majors, the yen is retracing against the dollar. As it gets closer to the CCI zero-line we should see a decision of future market direction.

Forex Market Trading yesterday brought stronger than expected CPI see here Forex Market Trading May17 Aftermath. Still with the fed near it's tigthening cycle, and the Bank of Japan on the start of raising rates, the longterm bias is for yen to gain against the usd. However timing is just as important as direction, so I'm using caution.

Among today more important forex market trading news are: GBP Retail Sales, CAD Consumer Price Index, USD Leading Indicators, USD Philadelphia Fed Survey, JPY Gross Domestic Product and finally JPY Bank of Japan Monetary Policy Announcement.

Here's a more complete list of today's forex market trading news:

4:30 am UK Apr Retail Sales (ex 2.4%, prev 2.2%) 7:00 am CAN Apr CPI y/y (exp 2.4%, prev 2.2%) Apr Core CPI y/y (exp 1.8%, prev 1.7%) 8:30 am US Fed Board Gov Warsh Speaks. 8:30 am US Weekly Jobless Claims (exp 315K, prev 324K) Chicago Fed Pres Moscow Speaks. 9:30 am US Fed Chairman Bernanke Speaks. 10:00 am US Apr Leading Indicators Index (exp 0.1%, prev -0.1%) 10:45 am US Richmond Fed Pres. Lacker Speaks. 11:45 am US Atlanta Fed Pres Guynn Speaks. 11:45 am US St Louis Fed Pres. Poole Speaks on Yield Curve Inversions. 12:00 pm US May Philadelphia Fed Index (exp 12.0, prev 13.2). 5:30 pm Former Fed Chairman Greenspan Speaks.

We have some fed speeches today, so keep an eye out for them. That's all for today's forex market trading may18 preview.