On the upcoming economic calendar there are five key news releases to be aware of for Tuesday, January 13th.
The first will be a speech delivered by Federal Reserve Chairman Bernanke at 08:00. As the head of the Federal Reserve, which controls short term interest rates, he has more influence over the dollar's value than any other person. Traders will be scrutinizing his statements in order to gain insight into subtle clues regarding future monetary policy. Volatility can be expected during this speech. Later, at 09:30, Assistant Treasury Secretary Kashkari will be speaking.
At 08:30, the United States and Canada will both be releasing their monthly trade balance. The trade balance figure is simply the difference between the amount of export and imports of Canadian goods and services for the reported month with Canada and other foreign trade partners. Subsequently, when exports are greater than imports, or positive net exports, a trade surplus is created. However, when imports are greater than exports, a deficit is created. Simply put, here, there is more money leaving the country than actually coming in. As a result, the report is taken into heavy consideration as it indicates flow of goods and services. Analysts are expecting a reading of 3.2 billion from Canada while the U.S. is expected to be a negative 51.4 Billion.
Lastly, at 19:30 Australia will be releasing their home loan report. The home loan report gauges the cost of homes in Australia. The figure is based on surveyors' opinions on the state of the market, calculated as a percentage of surveyors reporting a rise in prices minus those reporting a fall. A fall in house prices indicates a weak housing market, which generally reflects a weakening overall economy. Economists are expecting a rise to 1.0 percent for the month