Today is a big day in the Forex market: Rate decisions are due in Britain and in Europe. There are also interesting figures in the US today.
In Britain, the Halifax HPI will impact the British pound before the rate statement. It is expected to fall by 1.7%, better than last month’s fall that moved the markets.
The big prize in Britain will be at 12:00 GMT, with a new Official Bank Rate. It is expected to fall to another historic low and stand at 1%. The accompanying MPC Rate Statement will also be of interest to forex traders.
In Europe, the game will begin with the German Factory Orders that is expected to fall by 2.2%, a little bit better than last month’s figure.
The rate in Europe (at 12:45) isn’t expected to move, after Jean Claude Trichet’s statements last time, that the upcoming meeting is too close. Minimum Bid Rate is expected to stay at 2%. The ECB Press Conference will be at 13:30 GMT, colliding with American news.
In the US, the weekly Unemployment Claims is expected not to change, and to stay aaround 585,000. This data will add to speculations about the Non Farm Payrolls due tomorrow.
Also in the US: quarterly Prelim Non farm Productivity, Prelim Unit Labor Costs and Factory Orders. But all eyes in America are already waiting for tomorrow.
In Canada, note the monthly Building Permits that is expected to fall by 5%, after last month’s dive of 11.8%. Also in Canada, Ivey PMI that is expected to stay unchanged.
All in all, a big day today in Europe and Britain, while tensions rise towards tomorrow’s NFP. Enjoy!