ADP Non-Farm Employment Change in the US and much more interesting events coming up .Let’s see what awaits us today.
In the US, Automatic Data Processing, Inc. (ADP); Non-Farm Employment Change, employed people during the previous month, excluding the farming industry and government is about to rise by 8K. Important leading indicator of consumer spending, which accounts for a majority of overall economic activity.
Later in the US, ISM Non-Manufacturing PMI, Survey of about 400 purchasing managers to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. Indicates industry expansion with 55.6 points.
Later on in the US, Federal Reserve Bank of Kansas President Thomas Hoenig, due to speak at the Central Exchange, in Kansas City and can impact the nation’s key interest rates.
Finally in the US Crude Oil Inventories, barrels of crude oil held in inventory by commercial firms during the past week; is about to reduce by 0.1M. It influences the price of petroleum products which affects inflation.
In Canada, Raw Materials Price Index (RMPI); price of raw materials purchased by manufacturers; is about to rise by 0.4%. When manufacturers pay more for goods the higher costs is usually passed on to the consumer.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, Industrial New Orders, new purchase orders placed with manufacturers; is about to rise by 5.5%. Rising purchase orders signal that manufacturers will increase activity as they work to fill the orders.
For more on the Euro, read the EUR/USD forecast.
In Great Britain, Construction Purchasing Managers’ Index (PMI);, Survey of about 170 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories; indicates industry expansion with 51.1 points.
Read more about the Pound in the GBP/USD forecast.
In Australia, Building Approvals, number of new building approvals issued is about to be 9.3%, similar to the previous month. It’s an excellent gauge of future construction activity.
More In Australia, Australian Industry Group (AIG Services Index, Survey of about 200 service-based companies to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories; indicates contraction; with 46.2 points similar to the previous month.
For more on the Aussie, read the AUD/USD forecast.
That’s it for today. Happy forex trading!