The economic calendar is packed by events today, with German Unemployment Change, Canadian GDP and American Unemployment Claims being the most important figures. The market is still shaken from yesterday’s Advance GDP and FOMC Statement. Let’s see what’s up for today:
In Australia, CB Leading Index rose by 0.2%, showing that the Australian economy is still stable. NAB Quarterly Business Confidence fell by 24 points. And the Private Sector Credit in Australia rose by 0.1%. AUD/USD now trades at 0.7273, keeping it’s gains.
GfK Consumer Confidence in Britain was slightly better than expected, falling by -27. Also Nationwide HPI was better than expected, falling by only 0.4%. Good signs from Britain? GBP/USD is trading above 1.48.
In Japan, Prelim Industrial Production is on the rise: it climbed by 1.6%, double the early expectations much better than last month’s dive. The Overnight Call Rate in Japan stayed at 0.1%, unchanged. Also the Monetary Policy Statement proved to be a non-event. Will the BOJ Press Conference be more interesting? Maybe the BOJ Outlook Report?
In Europe, German Unemployment Change will be closely watched by traders. It’s expected to rise by 65K. The CPI Flash Estimate is predicted to rise by 0.7% – deflation. Also note the European Unemployment Rate. Despite being a late figure, it’s quoted by the media and puts pressure on the ECB. EUR/USD is trading higher, at 1.3327.
In Canada, the monthly GDP report is expected to be almost unchanged at -0.1%, after last month’s fall of 0.7%. Also Purchasing Managers Index figures will be published in Canada, with both RMPI and IPPI expected to rise.
In the US, Unemployment Claims are predicted to stay stable at 639K. The American job market is suffering. The quarterly Employment Cost Index is predicted to rise by 0.5%.
Also in the US, Core PCE Price Index is expected to rise by 0.2% and Personal Spending is estimated to fall by 0.1%.
Later, Chicago PMI is expected to improve, rising to 35 points.
Near the end of the day, Japanese Household Spending is expected to fall by 2.6%. The Tokyo Core CPI will probably show that prices in Japan are not moving – rising by only 0.2% (annually adjusted).
These are the major events for today. Happy Forex Trading!
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