Yes, Barack Obama winning the Nobel Peace Prize was the highlight of the weekend, but let’s be honest the Dollar isn’t on the same position as Mr. Obama in terms of popularity. Lets look over the last few weeks and we will find something even more interesting then the Nobel peace prize in terms of a trend.

It keeps on being positive for us as forex traders, the trends are clearly there.  Over the last few months we will see a very clear trend on most of the currencies traded in the Forex market, especially the majors. We can also see the same trend applying to the commodities.

What continues to push the commodities in the market forward appears to be the weaker dollar. So know the Nobel peace prize doesn’t look so relevant for the dollar and we will need to wait and see what will be the upcoming announcement for the US economy this week and the effect they have on the USD. So lets break it down and see how it will affect the Forex market.

This week, I am sure we will get some more movement and excitement from the market!!  However we are starting the week with Monday which happens to have 2 of the 3 largest markets closed because of a holiday. The US, CAD and JPY are all closed because of the holiday. When the biggest session is closed the market is expected to be quite and not a lot movement is expected.

Fundamentals:  We have a few announcements today that will affect the market.

Coming from New Zealand we have the “Retail Sales M/M”.  The previous announcement was -0.5%and the forecast for today is 0.6%. Released at (21:45 GMT).

One more “Core Retail Sales M/M” which will be released at  21:45 GMT, the previous announcement was -0.5% and the forecast for today is 0.5%.we have a Bank Holiday in Japan, US, and Canada so will not expected to see a strong activity from there.