US CB Consumer Confidence and Canadian GDP are the major events today. Here is an outlook on the market-movers awaiting us
In the US, CB Consumer Confidence increased more than predicted to 64.5 in December from 55.2 in November indicating an elevated confidence among households. A further improvement to 68.2 is expected now.
More in the US, Employment Cost Index measuring variations in wages increased by 0.3% in the third quarter after gaining 0.7% in the second quarter. The reading was below the 0.6% rise predicted by analysts. A rise of 0.4% is forecasted now.
Later in the US, S&P/CS Composite-20 HPI measuring the change in price of residential homes, decreased by 3.4% in October following a 3.5% plunge in the previous month and was lower than predicted. Another drop of 3.3% is expected.
Finally in the US, Chicago PMI increased to 62.5 in December better than the 60.4 expected and following 62.6 in November. A further increase to 63.1 is predicted now.
In Canada, GDP Canadian economy growth rate remained flat in October after expanding 0.2% in the previous month a 0.2% growth is expected now.
Further in Canada, RMPI, Raw Materials Price Index surged 3.85 in November following 1.0% drop in the previous month. After the big climb a decrease of 0.1% is expected.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, German Retail Sales. German consumer spending decreased in November by 0.9% following 0.2% drop in October. A rise of 0.9% is expected this time.
More in Europe, French Consumer Spending Decreased in November by 0.1% after gaining 0.1% in the preceding month. The reading was lower than the 0.3% rise anticipated. An increase of 0.3% is expected this time.
Further in Europe, German Unemployment Change The number of unemployed in Germany decreased remarkably by 22,000 in November, better than the 9,000 drop predicted. This time, a decrease of 8,000 is expected.
Finally in Europe, Unemployment Rate remained 10.3% in November as predicted and following the same figure in the previous month. A rise to 10.4% is expected now.
For more on the Euro, read the Euro to dollar forecast.
In Great Britain, GfK Consumer Confidence continued to drop in December reaching -33 after -31 in the prior month. An improvement to -31 is predicted.
More in Great Britain, Net Lending to Individuals. The amount of credit given to customers dropped to 1.0 billion in November after 1.3 billion in the previous month. An increase to 1.2 billion is forecasted.
Read more about the Pound in the GBP/USD forecast.
In Switzerland, UBS Consumption Indicator measuring five different indicators decreased to 0.81 in November after reaching 0.90 in October. A small rise is expected now.
Read more about the Swiss franc in the USD/CHF forecast.
In Australia, NAB Business Confidence remained positive in November reaching 2 as in the previous month. A similar figure is expected this time.
Finally in Australia, Private Sector Credit increased by 0.3% in December as predicted by analysts and following 0.2% gain in the previous month. Another rise of 0.3% is expected now.
For more on the Aussie, read the AUD/USD forecast.
That’s it for today.
Happy forex trading!