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What is it? It checks the change in the price of goods and services purchased by consumers, excluding the 8 most volatile items.

Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate.

When? May 22^nd at 8:30pm Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the CAD to rise.

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What is it? Governor Carney is due to participate in a panel discussion titled "Current perspectives on inflation and unemployment in the euro area and advanced economies" at the ECB Forum on Central Banking titled "Inflation and Unemployment in Europe," in Portugal.

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.

When? May 22^nd at 7:00pm Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the GBP to rise.

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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

1. Stock market overview

U.S. stock futures are looking soft ahead of the open.

European markets are mostly lower in early trading.

Asian markets ended with mixed results.

2. Earnings

Best Buy (BBY)and Dollar Tree (DLTR) are reporting ahead of the open.

Hewlett-Packard (HPQ, Tech30) and The Gap (GPS) will report after the close.

3. Economics

The U.S. government will post weekly jobless claims at 8:30 a.m. ET.

The National Association of Realtors will report existing home sales data at 10 a.m. ET.

4. Wednesday market recap

The Dow Jones industrial average fell 27 points on Wednesday, dipping back after hitting a record closing high earlier in the week. The S&P 500 slid 0.1% and the Nasdaq was unchanged.

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What is it? President Draghi due to deliver opening remarks at the ECB Forum on Central Banking titled "Inflation and Unemployment in Europe," in Portugal.

As head of the ECB, which controls short term interest rates, he has more influence over the euro's value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.

When? May 21^st at 1:30pm Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the EUR to rise.

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What is it? It checks the level of a diffusion index based on surveyed manufacturers in Philadelphia.

It's a leading indicator of economic health - businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment.

When? May 21^st at 10:00am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.

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