Very hectic day in the US, New Home Sales, Unemployment Claims and much more. Let’s see what awaits us today.
In the US, Unemployment Claims, individuals who filed for unemployment insurance for the first time during the past week is about to rise by 1K. important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.
Later in the US, New Home Sales, new single-family homes that were sold during the previous month is about to rise by 18K. Sale of a new home triggers a wide-reaching ripple effect.
Later on in the US, Durable Goods Orders, new purchase orders placed with manufacturers for durable goods; is about to rise by 2.9% and the Core Durable Goods Orders (excluding transportation items) is about to rise by 1%. Signal that manufacturers will increase activity as they work to fill the orders.
More in the US, Core Personal Consumption Expenditures (PCE) Price Index, goods and services purchased by consumers, excluding food and energy. This is rumored to be the Federal Reserve’s favorite inflation measure, but CPI is released about 15 days earlier and tends to garner most of the attention.
Moreover in the US, Personal Spending is about to rise by 0/1% It’s one of the most important gauges of economic health due to the vast ripple effect consumer buying creates in the economy.
Finally in the US, Revised UoM Consumer Sentiment, Survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions is about to rise by 0.5 points.
In Canada, Gross Domestic Product (GDP), all goods and services produced by the economy is about to rise by 0.4%. Broadest measure of economic activity and the primary gauge of the economy’s health.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, French Consumer Spending, goods expenditures by consumers is about to rise by 1.2%. Primary gauge of consumer spending, which accounts for the majority of overall economic activity.
In Great Britain, BBA Mortgage Approvals, new mortgages approved for home purchase by BBA-represented banks during the previous month is about to rise by 1K. excellent gauge of how many qualified buyers are entering the market.
Read more about the Pound in the GBP/USD forecast.
That’s it for today. Happy forex trading!
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