Last week was fairly active but this week coming up is the week everyone has been waiting for: this is the week when the Federal Reserve is widely expected to make the first rate hike in about nine years. All eyes will be on Wednesday’s FOMC statement.

In addition to the USD, there will be key central bank input regarding the Japanese Yen on Friday, as well as Australian monetary policy minutes on Monday.

The focus is going to be on the USD this week.

U.S. Dollar

The highlight of the week comes on Wednesday with the release FOMC Economic Projections and Statement, plus the Federal Funds Rate and usual press conference. Earlier that same day there will be a release of Building Permits data. The greenback’s week will really begin on Tuesday with CPI data. On Thursday there will be Unemployment Claims and the Philly Fed Manufacturing Index.

Japanese Yen

This week will be an important one for the Yen, with the release of the monthly Monetary Policy Statement and Press Conference from the Bank of Japan on Friday. There are no other high-impact items due for the rest of the week.

Australian Dollar

Tuesday will see the release of Monetary Policy Meeting Minutes. There are no other high-impact items due for the rest of the week

Euro

This will be a fairly busy week for the Euro, starting on Monday with the President of the ECB speaking at a conference, and followed on Tuesday by a release of German ZEW Economic Sentiment data and on Wednesday by French and German Flash Manufacturing. Thursday will see the release of German IFO Business Climate data.

British Pound

There is a reasonable amount of economic data due for the Pound this week beginning on Tuesday with the release CPI data. On Wednesday we will get the Average Earnings Index and the Claimant Count Change numbers, and finally on Thursday there will be a release of Retail Sales data.

New Zealand Dollar

It will be a fairly busy week for the Kiwi, starting on Tuesday with the release of the GDT Price Index, followed on Wednesday by GDP data. Finally, on Friday we will get ANZ Business Confidence data.