JPY Firms

At 4:00 AM Eurozone July M3 Money Supply (exp 11.0%, prev 10.9%)
Germany August Ifo Expectations (exp 100.3, prev 101.8)
Germany August Ifo Current Conditions (exp 110.7, prev 111.3)
Germany August Ifo Index (exp 105.4, prev 106.4)
At 10:00 AM US August Consumer Confidence (exp 104.0, prev 112.6)

The week kicked off to a slow start with the major currency pairs largely confined to ranges in the New York session as traders await several key G7 economic reports. The main focus however, will be Fed Chairman Bernanke’s speech at the annual economic symposium in Jackson Hole, Wyoming.

Bernanke’s speech, which is expected to discuss housing and monetary policy, will be closely scrutinized for the Chairman’s assessment of the current housing market slump, tightening liquidity conditions, and the prospect for a cut in the Federal funds rate at the September 18th meeting. With recent data revealing an accelerated decline in the housing market, particularly with the inventory of unsold homes climbing to its highest level in 15-years, it will be interesting to see if Bernanke acknowledges the slowdown in the economy as a result of housing to be a greater risk than inflationary pressure.