US and Canada Employment data and US ISM Non-Manufacturing PMI are the main market movers closing another trading week. Let’s see what awaits us today.
In the US, Unemployment Rate, total work force that is unemployed and actively seeking employment during the previous month is due to be 9.6% similar to the previous month. Important signal of overall economic health since consumer spending is highly correlated with labor-market conditions.
Later in the US, The Institute for Supply Management (ISM), Non-Manufacturing Purchasing Managers’ Index (PMI), Survey of about 400 purchasing managers to rate the relative level of business conditions; indicates industry expansion with 54.7 points.
More in the US, Non-Farm Employment Change, employed people during the previous month, excluding the farming industry is about to reduce by 8K. Important leading indicator of consumer spending, which accounts for a majority of overall economic activity
Later in the US, Average Hourly Earnings, price businesses pay for labor, excluding the farming industry. When businesses pay more for labor the higher costs are usually passed on to the consumer.
Finally in the US, Average Hourly Earnings, price businesses pay for labor, excluding the farming industry is due to be 0.2% similar to the previous month. When businesses pay more for labor the higher costs are usually passed on to the consumer.
In Canada, Employment Change, number of employed people during the previous month is about to rise by 14.9 points, while the Unemployment Rate, total work force that is unemployed and actively seeking employment is due to remain 7.9 like on the previous month.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, European Central Bank (ECB) President Jean-Claude Trichet due to deliver a speech titled “The lessons of the crisis” at the European American Press Club, in Paris.
Also in Europe, Retail Sales are about to rise by 0.6% and It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity.
Finally in Europe, Final Services Purchasing Managers’ Index (PMI); Survey of about 600 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories is about to be 55.2 like on the previous month.
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Great Britain, Services Purchasing Managers’ Index (PMI); Survey of purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories; is about to be 53.2 points.
Read more about the Pound in the GBP/USD forecast.
In Switzerland, Consumer Price Index (CPI); price of goods and services purchased by consumers is about to reduce by 0.4%.
In Australia, AIG Services Index, Survey of about 200 service-based companies which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories indicates industry expansion with 50.7 points.
For more on the Aussie, read the AUD/USD forecast.
That’s it for today. Happy forex trading!
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