At 6:00 AM Eurozone April Industrial Orders m/m (exp –1.0%, prev 2.4%)
At 7:45 AM ECB June Monetary Policy Decision (exp 4.00%, prev 3.75%)
At 8:30 AM ECB President Trichet’s Press Conference
US Q1 Productivity (exp 1.1%, prev 1.7%)
US Q1 Labor Cost (exp 1.2%, prev 0.6%)
The dollar is lower across the board, weighed by yesterday’s comments from Fed Chairman Bernanke. Direction in the foreign exchange market remains largely dictated by sentiment over global interest rate differentials. With Bernanke setting the tone for an unchanged stance for the remainder of the year, traders will scrutinize rate decisions and comments from global central banks this week. Earlier in the session, the Reserve Bank of Australia announced its policy decision, leaving rates unchanged at 6.25%.
US economic data slated for release later will see Q1 productivity and labor cost. Productivity in the first quarter is expected to fall to 1.1%, down from 1.7% in the previous quarter. Meanwhile, labor cost is seen climbing higher to 1.2% versus 0.6% from the last quarter.
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