Market Update for June 15

Hope everyone had a nice weekend. We have a lot of data on tap for today so it should be a busy start to the new week. First up will be the German Bundesbank President Weidmann speaking at 03:00 EDT. He moved German bunds last week when he said that the recent Bund selloff was just a normal market correction. I'll be playing close attention to what he has to say and will be watching Bund prices and the EUR/USD.

After that we have the RBA's Assistant Governor Kent speaking. The AUD/USD cross has been stuck between the .76 and .78 levels. Hopefully, he'll say something to break the cross out of this range.

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We also have retail sales and inflation data coming out of Switzerland. I'm not a big fan of trading Swiss data. Money flows into the Swissy as a safe haven. The data in my opinion doesn't mean much, so I won't be trading it.

At 05:00 EDT we have European trade balance figures for April. After that we have New York Empire State Manufacturing Data at 08:30 EDT for June. Expectations are for a reading of 6 compared to the previous month's 3.09 reading. Canada will also release manufacturing sales at 08:30 EDT. The forecast is for data to come in light at -0.5% compared to the previous month's 2.9% gain. At 9:15 EDT we have US Industrial Production. Forecast is for a 0.3% increase compared to a 0.3% decrease the previous month.

The big event of the day will be ECB President Mario Draghi speaking at 09:00 EDT. Every word he says is critical and I'll be watching the headlines and the EUR/USD and Bund prices.

The last item on the agenda today will be the RBA's Monetary Policy Meeting Minutes. These will be released at 21:30 EDT. But before that at 17:55, RBA's Assistant Governnor Debelle will be speaking as well. The AUD/USD cross should be active today. The 5 day high on the Aussie is .77922. Above there and we'll have an upside breakout on the charts.

In terms of the euro, all eyes will be on the 5 day low of 1.11508. A lot of traders are looking at this area as critical support for the euro. If Weidmann or Draghi say anything bearish about the euro, look at below. We'll most likely test the 1.10 area next.

Hope everyone make a pile of money this week. I know that's my goal. But I have too many girlfriends, so I need to make a pile. As always, best of luck and happy trading!