We start the week with hectic events such as Pending Home Sales in the US and much more. Let’s see what awaits us today.
In the US, Pending Home Sales, number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction is about to reduce by 4.2%. It’s a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect.
Later in the US, Personal Spending, total value of inflation-adjusted expenditures by consumers; is due to reduce by 0.2%. ‘s one of the most important gauges of economic health due to the vast ripple effect consumer buying creates in the economy.
More in the US, Core Personal Consumption Expenditures (PCE) Price Index, price of goods and services purchased by consumers, excluding food and energy; is about to rise by 1%.
Finally in the US, Chicago Purchasing Managers’ Index (PMI), Survey of purchasing managers in Chicago to rate the relative level of business conditions, indicates expansion with 67.9.
In Canada, Gross Domestic Product (GDP), broadest measure of economic activity and the primary gauge of the economy’s health is about to reduce by 1%.
More in Canada, Current Account, It’s directly linked to currency demand is about to rise by 8.1B.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, Consumer Price Index (CPI), price of goods and services purchased by consumers is about to remain 2.4% like on the previous month, while the Core CPI (excluding food, energy, alcohol, and tobacco) is about to rise by 0.1%. Consumer prices account for a majority of overall inflation.
For more on the Euro, read the EUR/USD forecast.
In Australia, Reserve Bank of Australia (RBA) Rate Statement, It’s among the primary tools the RBA Reserve Bank Board uses to communicate with investors about monetary policy.
Later in Australia, Cash Rate, Short term interest rates are the paramount factor in currency valuation – traders look at most other indicators merely to predict how rates will change in the future; is due to remain 4.75%.
More in Australia, Retail Sales is about to rise by 0.1% and It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity.
Moreover in Australia, Private Sector Credit, total value of new credit issued to consumers and businesses; is about to rise by 1%.
Finally in Australia, Current Account, value between imported and exported goods, services, income flows, and unilateral transfers during the previous quarter; is about to 0.9B.
For more on the Aussie, read the AUD/USD forecast.
In New Zealand, NBNZ Business Confidence, Survey of about 1,500 businesses which asks respondents to rate the relative 12-month economic outlook; indicates optimism with 29.5 points.
More in New Zealand, Trade Balance, value between imported and exported goods during the reported month is about to rise by 187.5M.
In Japan, Prelim Industrial Production, value of output produced by manufacturers, mines, and utilities; is about to rise by 0.8%.
Later in Japan, Retail Sales, primary gauge of consumer spending, which accounts for the majority of overall economic activity, is about to rise by 0.6%.
More in Japan, Household Spending, total value of inflation-adjusted expenditures by consumers; is about to rise by 2%.
Finally in Japan, Average Cash Earnings, total value of employment income collected by workers; is about to rise by 0.2%. The more disposable income consumers have, the more likely they are to increase spending.
That’s it for today. Happy forex trading!
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