U.S. Unemployment Claims, European and British rate decision and Australia’s Employment data are the major events on our calendar in the next 24 hours. Here is an outlook on the market-moving events before us today.
In the U.S., Unemployment Claims turned better than expected in the previous week with 453K the same number is predicted now.
More in the U.S., Federal Reserve Bank of Kansas President Thomas Hoenig speak at the economic forum hosted by the Federal Reserve Bank of Kansas City Omaha Branch, in Norfolk. Could affect interest rates and provide clues regarding future monetary policy.
In Canada, Building Permits have dropped 3.3% in July following 6.5 growth in the previous month. A smaller drop of 1.9% is expected now.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, European rate decision is predicted to remain unchanged at 1% although debt problems threaten to damage the Euro.
More in Europe, Following the rate decision the European Central Bank will hold a Press Conference covering in detail the factors that affected the interest rate and other policy decisions.
Finally in Europe, German Industrial Production reached a disappointing 0.1% growth following forecasts of 1.1% rise. This time a modest 0.4% increase is expected.
In Great Britain, U.K. rate decision will probably remain unchanged at 0.50% even though the inflation rate remains stubbornly above 3% above the Bank’s target level of 2.
More in Great Britain, Asset Purchase Facility measuring the total value of money the BOE will create and use to purchase assets in the open market is expected to remain without change – 200B.
Later in Great Britain, Halifax HPI a leading indicator of the housing industry’s health reported a slight rise of 0.2% despite a negative forecast. A continued rise of 0.6% is expected now although Activity is very slow since the beginning of the year.
Finally in Britain, Manufacturing Production a leading indicator of economic health released monthly rose 0.3% in July. A smaller increase of 0.1% is predicted in August.
Read more about the Pound in the GBP/USD forecast.
In Australia, Employment data showed an increase of 30.9K in the number of jobs, and a drop in the unemployment rate to 5.1%. This time, a smaller gain of 20.2K is expected.
More in Australia, Unemployment Rate released monthly dropped to 5.1% in the previous month despite a 5.2% forecast. The same rate of 5.1% is expected now.
For more on the Aussie, read the AUD/USD forecast.
In Japan, Monetary Policy Meeting Minutes following the rate decision release will hold two simultaneous meetings since the previous meeting was cancelled at beginning of September providing a detailed record of the BOJ Policy Board’s meeting and in-depth insights into the economic conditions that influenced their decision on where to set interest rates.
That’s it for today. Happy forex trading!
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