TODAY DATA

AT 8:30PM
Source Federal Reserve (latest release)
Speaker Federal Reserve Chairman Ben Bernanke;
Description Due to testify on the economic outlook and monetary and fiscal policy before the House Budget Committee, in Washington DC;
Usual Effect More hawkish than expected = Good for currency;
Next Release Mar 3, 2011
FF Notes The testimony usually comes in 2 parts: first he reads a prepared statement (a text version is made available on the Fed's website at the start), then the committee will hold a question and answer session. Since the questions are not known beforehand they can make for some unscripted moments that lead to heavy market volatility;
Why Traders Care As head of the central bank, which controls short term interest rates, he has more influence over the nation's currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy; Acro Expand Federal Reserve (Fed);

AT 09:00PM
Source Energy Information Administration (latest release)
Measures Change in the number of barrels of crude oil held in inventory by commercial firms during the past week;
Usual Effect No consistent effect - there are both inflationary and growth implications; Frequency Released weekly, 4 days after the week ends; Next Release Feb 16, 2011 FF Notes While this is a US indicator, it most affects the loonie due to Canada's sizable energy sector;
Why Traders Care It influences the price of petroleum products which affects inflation, but also impacts growth as many industries rely on oil to produce goods; Also Called Crude Stocks, Crude Levels; Acro Expand Energy Information Administration (EIA);