From an economic data point of view, it has been a very slow week to date. Fortunately, things are starting to get a bit more lively.

Today much of the attention will be on the FOMC minutes. The Fed is openly hawkish at the moment and that is largely what the market is expecting here.

The experts are suggesting that these minutes will show that the committee is all on the same page regarding the state of the US economy and the coming rate hikes will be a virtual certainty. Let’s not forget there are two more hikes predicted to be in September and December.

The USD has been weak over the last few sessions and needs a catalyst to turn things around. So this might be what the Greenback has been waiting for.

Major Economic Events To Watch

CAD – Core Retail Sales

Retail sales are always an important figure as they contribute to GDP. We are expecting really weak results this month so this could be a volatile figure.

US – Existing Home Sales

As the US economy continues to improve expect to see housing play an important role. The number of homes sales is slightly up on last month according to analyst predictions.

US – Crude Oil Inventories

Inventory levels have been up and down recently and we are expecting a draw of 1.4 million barrels. The unofficial API figure out late yesterday saw a larger than expected draw of 5 million barrels so that means we might be looking at a bullish figure today.

US – FOMC Minutes

As mentioned above, the FOMC has been on a hawkish stint, with tightening monetary policy being the plan going forward. These minutes should confirm this thinking. But this is always going to be volatile if we waiver from expectations.