There are two important events happening in today’s trading. The first is the sudden drop in value of the USD yesterday and the subsequent corrections we may see today. The second is the break-through past the $1000 resistance level for Gold, which may help this commodity maintain a price above this mark for some time as investors protect themselves from inflationary fears.

Today’s Leading Indicators:

12:15 GMT: CAD Housing Starts

- Number of buildings which began construction in the previous month.

- With yesterday’s negative report for Canadian Building Permits, this Housing Starts figure could help correct some of the CAD’s losses yesterday or simply push the CAD lower if results come out worse than expected in this release as well.

- CAD pairs and crosses will likely be very volatile around this figure’s release.

21:00 GMT NZD Official Cash Rate

- Interest rate at which banks lend balances held at the RBNZ to other banks.

- Traders are increasing bets that the Reserve Bank of New Zealand (RBNZ) will abandon its pledge to keep interest rates at a record low.

- Expect heavy volatility for NZD pairs and crosses today.

All Day OPEC Meeting:

- OPEC is scheduled to meet all day today to discuss the energy market and future production levels.

- While this meeting may not carry an immediate impact on oil prices, there is the potential for the OPEC ministers to leak future production data to the press and therefore spark new rounds of speculation about where oil prices are heading.

- Traders should be on the lookout for any hawkish statements from OPEC ministers.

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