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A very busy week ahead us Chicago PMI in the US, Nationwide HPI in the UK, GDP in Canada and much more. .Let’s see what awaits us today.

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 65.5 points.

Later in the US, Personal Spending, value of inflation-adjusted expenditures by consumers; is about to rise by 0.2%. 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, Core Personal Consumption Expenditures (PCE) Price Index due to remain 0.1% similar to the previous month. Differs from Core CPI in that it only measures goods and services targeted towards and consumed by individuals.

In Canada, Gross Domestic Product (GDP), value of all goods and services produced by the economy is due to be 0.2% similar to the previous one. The broadest measure of economic activity and the primary gauge of the economy’s health.

More in Canada, Raw Materials Price Index (RMPI); price of raw materials purchased by manufacturers; is due to reduce by 0.2%. When manufacturers pay more for goods the higher costs are usually passed on to the consumer.

For more on USD/CAD, read the  Canadian dollar forecast.

In Europe, Consumer Price Index (CPIFlash Estimate, price of goods and services purchased by consumers; is about to rise by 0.2%. Consumer prices account for a majority of overall inflation.

Also in  Europe, German Retail Sales, sales at the retail level, excluding automobiles and gas stations, is about to rise by 3.8%. Primary gauge of consumer spending, which accounts for the majority of overall economic activity.

For more on the Euro, read the  EUR/USD forecast.

In Great Britain, Nationwide House Price Index (HPI), price of homes with mortgages backed by Nationwide; UK’s second earliest report on housing inflation, rising house prices attract investors and spur industry activity;

Read more about the Pound in the  GBP/USD forecast.

In Australia, Private Sector Credit, value of new credit issued to consumers and businesses; is due to remain 0.3%. Borrowing and spending are positively correlated.

Late in Australia, House Price Index (HPI); price of homes in the nation’s 8 state capitals; is about to reduce by 0.1%. Rising house prices attract investors and spur industry activity.

Later on 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. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.

Finally in Australia, Cash Rate, Interest rate for overnight money market deposits, is due to remain 4.75%. Short term interest rates are the paramount factor in currency valuation

For more on the Aussie, read the  AUD/USD forecast.

In New Zealand, Labor Cost Index, price businesses pay for labor, excluding overtime; is about to reduce by 0.1$. When businesses pay more for labor the higher costs is usually passed on to the consumer.

Later in New Zealand, Trade Balance, value between imported and exported goods during the reported month is about to rise by 171M. Export demand and currency demand are directly linked

Finally in New Zealand, Building Consents, number of new building approvals issued is about to be 808%. It’s a leading gauge of future construction activity.

In Japan, Average Cash Earnings, value of employment income collected by workers; is about to rise by 0.7%.

Later in Japan, Prelim Industrial Production, value of output produced by manufacturers, mines, and utilities is about to rise by 1.9%.

That’s it for today. Happy forex trading!