U.S. Non-Farm Employment Change, US Unemployment Change, Canada Employment Situation and Unemployment Rate and many other important events await us today. Here is an outlook on the final day of another trading week.
In the US, Non-Farm Payrolls and Employment Situation Report, one of the most important indicators of economic health, measuring the number of new jobs created or lost in the world’s largest economy is expecting another month of job losses up to 59,000, following a worse than expected 125,000 job losses in June and market sentiment could worsen as the unemployment rate is expected to increase to 9.6% in July from 9.5% in June.
More in the US, Average Hourly Earnings expected 1.0% increase following 0.1% drop in the previous month.
Finally in the US, Consumer Credit continues to decline following the sharp drop of 9.1B in June a further 5.4B drop is expected now.
In Canada, Employment Situation and Unemployment Rate, the Canadian economy added almost five times more jobs that initially forecasted in June, but we could see lesser jobs creation by 13.3 K jobs in July, compared with the 93.2 K in the previous month, while the unemployment rate is forecasted to remain unchanged at 7.9%.
More in Canada, Ivey PMI based on a survey of about 175 purchasing managers rating the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories is predicted to reach 56.3 points 2.6 points weaker than in June.
Finally in Canada, Employment Change forecasted 13.3K rise following a better than expected rise of 93.2K in June while Unemployment Rate remains unchanged at 7.9%.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, German Industrial Production rising 3 consecutive months is expected to continue rising by 0.9% following 2.6% rise in the previous month.
More in Europe, French Trade Balance is forecasted to narrow its deficit by 4.6B following 5.5B deficit in May and French Government Budget Balance reaching 67.9B deficit is likely to continue growing.
Finally in Europe, Italian Industrial Production expected 0.3% rise following two months of 1.0% rise and Italian Prelim GDP predicted 0.4% rise following 0.5% rise in the previous quarter.
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Great Britain, GBP- U.K. Industrial Production and Manufacturing Output, the main gauge of industrial activity measuring the output of factories, mines and utilities, Fri., Aug. 6, 4:30 am, ET.
This could be another economic report, following the better-than-expected Q2 GDP, showing positive momentum in the U.K. economy, with the U.K. manufacturing output forecasted to increase by 0.5% m/m from 0.3%, and industrial production growing by 0.3% m/m from 0.7% in the previous month.
More in Great Britain, Manufacturing Production is forecasted to grow 0.5% 0.2% more than in June more rises will help improve the British economy.
Later in Great Britain, Industrial Production is expected to continue rising by 0.3% following 0.7% rise in May.
Finally in Great Britain, PPI Input measuring the change in the price of goods and raw materials purchased by manufacturers intended to decrease by 0.4% following 0.2% decline in June indicating deflation in the last three months while PPI output is predicted to increase by 0.1% following a 0.3% decrease in May.
Read more about the Pound in the GBP/USD forecast.
In Switzerland, Unemployment Rate remains low and unchained at 3.9%.
In Australia, RBA Monetary Policy Statement is released provides valuable insight into the bank’s view of economic conditions and inflation – the key factors that will shape the future of monetary policy and influence their interest rate decisions.
For more on the Aussie, read the AUD/USD forecast.
In Japan, Leading Indicators index based on 12 economic indicators is expected to reach 98.9 points 0.3 more than in the previous month.
That’s it for today. Happy forex trading!
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