Initially, at the launch of the European interbank market, positivism gained during the Asian session will shift to European indices. This will result in a slight sell-off of the JPY, with capital most likely targeting European equities. Weighing the even brighter tone of Bank Of Japan during the Asian session, I expect the JPY to keep falling throughout the day. During the European Stock Exchange, investors will focus their attention first on Germany, where we expect the unemployment rate and new jobs at 10:55. Expectations are that unemployment will remain at the current levels of 5.2% and the news will not have a strong impact on the euro. At 11:30, we expect UK GDP data, with expectations that growth stays at 0.4% over the previous month. In the last days GBP has been under pressure and worse data today will boost sales. Eurozone CPI data will be published at 12:00. Expectations are positive, and if they are justified, the EUR is likely to receive support as the ECB monitors inflation very closely and the growth and more than 2.0% will speed up the central bank's plans to tighten monetary policy. At 15:30 again we expect GDP figures, but this time from Canada. And there investors expect growth, which will also be seen through the central bank's prism. Positive data on the country's GDP combined with rising oil prices will lead to CAD growth. Worse data will have a limited effect on CAD.
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