US and Canadian Trade Balance, US, Federal Budget Balance and US Prelim UoM Consumer Sentiment are the major events closing this week’s forex trading. Here is an outlook on the major events.
In the US, Trade Balance deficit narrowed down to 44.0B in September from revised amount of $46.5 billion in August. The decrease in deficit was mainly due to foods and beverages while the export of industrial supplies and materials dropped during the month. A further decrease to 43.5B is expected now.
More in the US, Prelim UoM Consumer Sentiment, U.S. UoM consumer sentiment rose more-than-expected last month reaching 69.30 and revised up to 71.6 from 67.70 in the previous month. The positive trend is expected to continue with a 72.4 score.
Later in the US, Federal Budget Balance, October imbalance widened to $140.4 billion from 34.5B in the previous month when a higher 151.5B was expected. The deficit is predicted to reduce to -129.8B.
Finally in the US, Import Prices gained 0.9% in October after expectations were for an even higher rise of 1.1%. This increase came after Import Prices edged down by 0.1 percent in September. The increase was largely due to substantial rebound in fuel import prices. U.S. export prices also showed a notable increase for the month. The same increase of 0.9% is forecasted.
In Canada, Trade Balance Canada’s International Merchandise Trade for September showed a deficit of 2.5 billion; worse than the 1.4 billion predicted and the prior reading of 1.3 billion. A reduction to 2.0B is forecasted now.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, French Industrial Production, a leading indicator of economic health was increased by a disappointing 0.1% following a flat rate in August, while analysts expected 0.2% increase. A more significant gain of 0.4% is forecasted.
More in Europe, Italian Industrial Production dropped 2.1% in September following 1.6% increase in the prior month. An Increase of 0.8% is likely to occur.
Finally in Europe, German WPI measuring change in the price of goods sold by wholesalers, dropped 0.3% in October contrary to predictions of 0.7% increase. A rise of 0.5% is expected now.
In Great Britain, PPI Input a leading indicator of consumer inflation gained 2.1% in October well above the 0.9% rise predicted. A more modest rise of 0.7% is expected now.
Read more about the Pound in the GBP/USD forecast.
In Japan, Household Confidence survey of about 5,000 household asked about economic conditions decreased in line with expectations to 40.9 following 41.2 in September. A rise to 42.3 is expected now.
OPEC Meetings, OPEC will meet on December 11 in Quito, Ecuador, to review quotas. Shipments will increase to 23.56 million barrels a day in the four weeks to December 18 from 23.47 million barrels in the period to November 20 as winter demand picks up.
Finally in Japan, That’s it for today. Happy forex trading!
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