US Unemployment Claims and RBA Monetary Policy Statement are the major events on today’s calendar. Here is an outlook on the main events at hand.
In the US, Unemployment Claims fell to a 5 ½ year low last week to seasonally adjusted 326000 claims following 345,000 in the preceding week. The reading was better than the 346,000 projected by analysts. A rise to 336,000 is expected this time.
Later in the US, Natural Gas Storage. The number of cubic feet of stored gas increased last week to 59 billion from 41 billion in the week before. Economists expected a smaller increase to 55 billion. A further rise to 74 billion is anticipated this time.
Finally in the US, 30-y Bond Auction. The Treasury Department sold $13 billion in 30-year bonds at a yield of 3.660%, following 3.360% in June. This was the highest yield since October 2011. Bidders offered to buy 2.26 times the amount of debt sold.
In Canada, New Housing Price Index. New home prices increased less than expected in May adding 0.1% after a 0.2% increase in April. Analysts expected prices to rise 0.3%. this time Analysts forecast a rise of 0.3%.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, ECB Monthly Bulletin release includes statistical data upon which the ECB Governing Board voted on the current rate decision. The report also reveals the bank’s view on current and future economic conditions.
More in Europe, French Industrial Production indicating changes in output values, dropped 0.4% in May, less than the 0.5% drop forecasted by analysts. This release was preceded by a 2.2% gain in April. A rise of 0.3% is anticipated this time.
For more on the Euro, read the Euro to dollar forecast.
In Australia, RBA Monetary Policy Statement provides valuable information on the bank’s view of economic conditions and inflation, including hints on future of monetary policy and rate decisions.
For more on the Aussie, read the AUD/USD forecast.
In Japan, Tertiary Industry Activity. Japan’s service sector expanded 1.2% in May, rising above market forecasts of a 0.9% gain and following a 0.5% decline in the preceding month. This time a drop of 0.2% is anticipated.
More in Japan, 30-y Bond Auction revealed, the Ministry of Finance offered 600 billion yen ($6.02
billion) of 30-year bonds with a coupon of 1.9%, sold at a lowest price of 100.10, drawing bids of 3.96 times the amount offered, a bit lower than the previous sale’s bid-to-cover ratio of 4.06 times, but still encouraging.
Finally in Japan, BOJ Monthly Report contains statistical data according to which the BOJ Policy Board members based their rate decision, The release also includes the bank’s viewpoint on current and future economic conditions.
Read more about the yen in the USD/JPY forecast.
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