Weekly outlook: Top 10 forex events, July 19-23

NEW YORK (Forex News Now) – The FNN team has prepared a list of the top 10 economic events most likely to impact the global forex market and make FX news during the coming week, July 19-23.

All times are given in GMT.

1) Euro zone current account (EUR): Monday – The ECB is to publish this key data, which details the flow of goods, services, transfer payments and income in and out of the euro zone.
2) RBA policy meeting minutes (AUD): Tuesday – The Reserve Bank of Australia is to release the minutes of its latest policy-setting meeting, an important tool for forex analysis.
3) Building permits (USD): Tuesday – The Census Bureau is to publish this data on the number of new building projects authorized for construction in June, a leading indicator of the housing market’s health.
4) BOC interest rate decision (CAD): Tuesday – The Bank of Canada is to announce a decision on its benchmark interest rate, the overnight call rate; the central bank will also publish an accompanying rate statement.
5) BOJ meeting minutes (JPY): Tuesday – The Bank of Japan is to release the minutes of its latest policy-setting meeting, an important tool for forex analysis.
6) MPC meeting minutes (GBP): Wednesday – The Bank of England’s Monetary Policy Committee is to release the minutes of its latest meeting, an important tool for forex analysis, especially in light of the strengthening pound and recent divisions in the panel.
7) Bernanke testifies (USD): Wednesday – The U.S. Federal Reserve chairman, Ben S. Bernanke, is slated to testify before the Senate Banking Committee in Washington, D.C. Global forex traders will search for clues to future monetary policy in the central bank chief’s comments.
8) Retail sales (GBP): Thursday – Britain’s statistics bureau is due to release this important monthly report, which is a key gauge of consumer spending.

9) Home resales (USD): Thursday – The National Association of Realtors, a trade group, is to publish this report on the sales of previously owned U.S. homes. The report will be preceded by the key weekly data on initial U.S. unemployment claims.
10) Ifo German business climate (EUR): Friday – The Ifo research institute is to publish this important report on business sentiment in July in the euro zone’s largest economy.

Also next week: European regulators will release on July 23 the results of “stress tests,” aimed at gauging the ability of Europe’s major banks to withstand future economic shocks.