Consumer confidence is rising and so is Industrial Production and Capacity Utilization Rate showing a good climate in the US market. In Canada, BOC Deputy Governor John Murray speaks in Ottawa and Manufacturing Sales are up showing an overall positive air to the leading economies. Let’s see what’s on the menu today.
In the US, consumer confidence is rising according to the Prelim UoM Consumer Sentiment report. It is expected to show an increase of 1.3 points from April’s 72.2 points.
Later in the US, Core Retail Sales is anticipated to drop from 0.9% in April to 0.5% together with the retail sales report showing an even larger expected decrease of 1.6% from 1.9% in April.
More in the US, Industrial Production is expected to move up by 0.5% a good indicator for the market’s recovery and so is Capacity Utilization Rate intended to rise by 0.6% from 73.2% in April showing an increased demand in the market and may affect inflation rates.
Finally in the US, Business Inventories also correlates to the rising demand in the US market, expected to drop by 0.1% from 0.5 in April and Preliminary UoM Inflation Expectations is expected to follow April’s rate of 2.9%.
In Canada, BOC Deputy Governor John Murray participates in a panel discussion at the Carleton University, in Ottawa. May affect interest rates and give clues on future monetary policy.
More good news in Canada, Manufacturing Sales are expected to edge up by 1% from 0.1% in April indicating healthy activity in the market.
Finally in Canada, New Motor Vehicle Sales are expected to decrease by 3.9% compared to April’s rise of 8.1%.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, Deutsche Bundesbank President Axel Weber delivers a speech titled “Lessons for monetary policy from financial crisis” at the 12th annual Inflation Targeting Seminar at the Banco Central do Brazil, in Rio de Janeiro. May affect interest rates and give clues on future monetary policy
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Great Britain, The Conference Board’s Leading Index released monthly is expected to remain around 0.6%.
Read more about the Pound in the GBP/USD forecast.
That’s it for today. Happy forex trading!
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