US Building Permits, BOC Monetary Policy Report and British Claimant Count Change are the highlight of today’s events. Here is an outlook on the major market movers ahead.
In the US, Building Permits a reliable gauge of future construction activity dropped by 20,000 to 530,000 while analysts expected 570,000. A rise to 560,000 is expected now.
Later in the US, Housing Starts climbed better than expected to 560,000 from 530,000 all in all signaling improvement in the housing market.
In Canada, BOC Monetary Policy Report and Press Conference provide 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. Valuable information will be given on future monetary policy.
More in Canada, Manufacturing Sales a leading indicator of economic health edged up 1.7% in October after dropping 0.5% in the prior month. Further climb of 0.8% is predicted now.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, Current Account Deficit widened to 9.8B from 9.7B meaning more imported goods rather than exports and less currency demand. Deficit is expected to widen to 10.2B.
For more on the Euro, read the EUR/USD forecast
In Great Britain, Claimant Count Change the number of people claiming unemployment-related benefits dropped by 1200 in November following 5200 drop in the previous month. Analysts expected a 2900 drop.
More in Great Britain, Average Earnings Index measuring change in the price businesses and the government pay for labor, including bonuses increased by 2.2% in October 0.1% more than in the prior month. The same increase of 2.2% is expected now.
Later in Great Britain, External BOE MPC Member Adam Posen delivers a speech titled “Decoupling and Divergent Recoveries in Europe” at the Aston Centre for Europe, in Birmingham. Valuable information may be revealed on future monetary policy.
Read more about the Pound in the GBP/USD forecast.
In Australia, MI Inflation Expectations or Consumer Inflation Expectations released by the Melbourne Institute can have impact on real inflation rose2.8% in November following 3.1% in the month before. The same increase is likely to occur now.
In New Zealand, CPI Inflation rose 1.1% in the last quarter better than forecasts of 1.0% increase. A further climb to 2.3% is expected.
For more on the Aussie, read the AUD/USD forecast.
In Japan, Tertiary Industry Activity measuring change in the total value of services purchased by businesses rose by 0.5% in October following 0.8% drop in the month before. Another rise of 0.6% is forecasted.
That’s it for today. Happy forex trading!