As the week advances, the calendar gets more crowded, especially in the US. ADP Non-Farm Payrolls and the FOMC minutes are among the important indicators today. There are many important events elsewhere. Let’s see what’s up for today.
British Nationwide Consumer Confidence starts the day right at the beginning. After many months of steady growth, it’s predicted to drop from 73 to 72 points.
Later in Britain, Services PMI is predicted to follow the Manufacturing PMI on Monday and rise as well – from 56.6 to 56.8 points. For more on the British Pound, read the GBP/USD forecast.
The Australian dollar pushed higher in recent days. Today, Australian Building Approvals are released, and they’re predicted to rise by 3.1% after a 0.6% drop last month.
For a technical analysis of the Aussie, read the AUD/USD forecast.
In Europe, Final Services PMI is expected to confirm the early read at 53.7. Industrial New Orders are expected to drop by 0.9% after printing a nice surprising rise of 1.7% last month.
After yesterday’s CPI Flash Estimate came within expectations, today’s producer prices are expected to follow last month’s 0.2% rise.
European indicators have been OK so far, currently not enough for pushing the EUR/USD significantly higher. For more on the Euro, check out the EUR/USD forecast.
In the US, we get too small hints towards the Non-Farm Payrolls release on Friday. Challenger Job Cuts start, and they are soon followed by the ADP Non-Farm Employment Change, or “mini-NFP”.
ADP Non-Farm Payrolls should be taken with a grain of salt. They’re not always a good indicator for the real Non-Farm Payrolls. They’re expected to show a loss of 74,000 jobs, less than half of last month’s 169,000 lost jobs.
Here’s a preview for the Non-Farm Payrolls.
The news in the US isn’t over: ISM Non-Manufacturing PMI is expected to return to positive ground and rise above the 50 mark, after dropping below it and disappointing. Monday’s manufacturing figure exceeded expectations in a nice manner, stopping the dollar retreat.
In the evening, the FOMC Meeting Minutes are released. Bernanke’s confused message last time probably won’t be clarified, but the markets will shake anyway…
Near the end of the day, kiwi traders will await the Trade Balance in New Zealand. It’s predicted to show a squeezing deficit this time.
That’s it for a busy day. Happy forex trading!
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