We summarize this week Group of Seven (G7) Meetings and Advance GDP in the US are the major events this day. Here is an outlook on the market-movers awaiting us.
Group of Seven (G7) Meetings, the meetings are attended by finance ministers and central bankers from Canada, France, Japan, the UK, and the US and so on. Closed meetings but a formal statement covering policy shifts and meeting objectives is usually released in the end of day. And it can create significant market volatility.
In the US, Advance Gross Domestic Product (GDP); the widest measure of monetary activity and the primary indicator of the economy’s health; is about to drop down from 3% on the last quarter down to 2.6% now. Meanwhile the Advance GDP Price Index is likely to rise by 1.4% up to 2.3% this time.
More in the US, Employment Cost Index, civilian labor payment by the government and businesses, rise if forecasted by 0.1% from March up to 0.5% now.
Later in the US, Revised University of Michigan (UoM) Consumer Sentiment, composite index based on a monthly consumers survey, 75.8 points are likely similar to the last index, Revised UoM Inflation Expectations 3.40% is predicted.
In Canada, Mark Carney, Bank of Canada (BOC) Governor, is about to speak in Ottawa.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, GfK German Consumer Climate, Survey to rate the current and future economic conditions, 5.9 points are predicted this time, similar to the last time.
More in Europe, French Consumer Spending, value all consumers’ goods expenditures, is due to reduce from 3% on March down to -1.6% on this report.
Finally in Europe, German Import Prices is due to reduce by 0.1% down to 0.90% now.
For more on the Euro, read the Euro to dollar forecast.
In Great Britain, Nationwide House Price Index (HPI); indicator of housing industry’s health that measures the selling price change of homes with Nationwide’s mortgages, -1.00% is likely with no change from March.
Read more about the Pound in the GBP/USD forecast.
In Switzerland, KOF Economic Barometer, composite index based on 12 financial indicators; is about to rise up by 0.18 points to 0.26 points this time.
Read more about the Swiss franc in the USD/CHF forecast.
In Japan, Monetary Policy Statement, Bank of Japan (BOJ) key tool to communicate with investors on monetary policy, financial conditions and indicator for future rate decisions. While on the Overnight Call Rate no change is predicted and 0.10% is due to remain like on the last months.
More in Japan, Bank of Japan (BOJ) Outlook Report provides the bank’s view for monetary conditions, inflation and future interest rate decisions. Is preceded BOJ Press Conference.
Finally in Japan, Housing Starts is about to remain 7.50% this month as well.
Read more about the yen in the USD/JPY forecast.
That’s it for today.
Happy forex trading!
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