This should be a significant week for the Forex markets. There is very key data coming this week regarding the USD, JPY, CHF, AUD, GBP and EUR. The most important events will be the FOMC data release on Wednesday, which is very likely to firm the market’s expectation of the timing of a forthcoming rate hike in the USD, followed by the Eurogroup meeting on Thursday which is believed to be a kind of last chance for a Greek deal to be hammered out and agreed. In a probably lower order of importance, we have central bank actions coming concerning Japan, Switzerland, Australia and the U.K., and the first three in that series are going to be particularly crucial to the near/medium term outlook of those currencies.

U.S. Dollar

They key event of this week will arrive Wednesday, when data regarding the Federal Funds Rate and the FOMC Statement and Economic Projections will be released, followed by an FOMC Press Conference. The following day on Thursday we will get Unemployment Claims, CPI, and Philly Fed Manufacturing Index data releases.

Japanese Yen

This will be an important week for the Yen, with the Bank of Japan releasing its monthly Monetary Policy Statement on Friday followed by the usual Press Conference.

Swiss Franc

This will be a very important week for the Swiss Fran, with the Quarterly Central Bank LIBOR Target, SNB Monetary Policy Assessment and SNB Press Conference due on Thursday.

Australian Dollar

This will also be an important week for the Australian dollar, with the RBA scheduled to release its Monetary Policy Meeting Minutes on Tuesday.

British Pound

There is not a lot of data due this week for the British Pound, but what does come out may be important. Tuesday will see a release of CPI data, followed on Wednesday by an important cluster of the MPC Official Bank Rate Votes, the Claimant Count Change, and Average Earnings Index information. There will also be a release of Retail Sales data on Thursday.

Euro

This might be a very important week for the Euro. The President of the ECB will be testifying before the European Parliament’s Monetary Policy Committee on Monday. Tuesday will see the release of German ZEW Economic Sentiment data, and on the same day there is expected to be an European Court of Justice ruling regarding the constitutionality of the ECB's Outright Monetary Transactions policy. On Thursday there will be a release of Targeted LTRO data and on that same day there will be Eurogroup meetings all day.

Canadian Dollar

There will be some significant data releases this week concerning the Loonie. On Monday the Manufacturing Sales numbers will be released. There will be Wholesale Sales data on Tuesday. Finally on Friday there will be a release of Core CPI and Core Retail Sales data.

New Zealand Dollar

This will be a relatively quiet for the Kiwi, with a release of the GDT Price Index on Tuesday followed by GDP data on Thursday.