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American Federal Reserve nomination vote, US producer price index, US Unemployment Claims and Industrial Production are among the major market moving events. Here is an outlook on today’s busy event schedule.

In the US, American Federal Reserve nomination vote will focus on the appointment of 3 FOMC members. The US Senate will vote on Sarah Bloom Raskin, Peter Diamond and Janet Yellen, in a vote that will shape future decisions for quite a while. If they aren’t approved, or if many questions are raised, the dollar could be hurt.

Later in the US, The producer price index in May fell 0.3 percent after dipping 0.1 percent in April. A drop of 0.2 percent is expected now. But at the core level, the PPI gained 0.2 percent in May, matching the rate in April. Another gain of 0.1% is expected now.

More in the US, Unemployment Claims forecasted another small drop to 453K after a surprising decrease to 454K last week. Further improvement below 430K will give a serious boost to the job market.

Industrial Production, the main gauge of industrial activity measuring the output of factories, mines and utilities is forecasted to slow down with industrial output flattening at 0.0% in June, compared with the 1.3% increase in May.

Empire State Manufacturing Index surveying 200 manufacturers is forecasted to reach 18.9 points following the drop from 31.9 to the level of 19 points in April and May however this is still a positive reading.
Capacity Utilization Rate measuring percentage of available resources being utilized by manufacturers, mines, and utilities expected to rise 0.1% to 74.2%.

Finally in the US, Philly Fed Manufacturing Index expected to rise to 11.4 points following a steep drop from 21.4 to 8 points in May.

In Canada, Manufacturing Sales predicted to advance 0.4% from 0.2% in May. Manufacturing sales have risen in  9  of the past  10  months and have been trending upward since the low reached in May  2009.

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

In Europe, European Central Bank Monthly Bulletin reveals the statistical data that the ECB Governing Board evaluated when making the latest interest rate decision, and provides detailed analysis of current and future economic conditions from the bank’s viewpoint.

For more on the Euro, read the  EUR/USD forecast and Casey Stubbs’  latest analysis.

In Great Britain, David Miles an external member of the monetary policy committee of the bank of England  speaks at the Business Forum in Bristol could determine a rise in interest rates.

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

In Switzerland, The Swiss ZEW Expectations Survey came in significantly lower, with a 17.5 reading in June on May’s 40.5 reading. Expectations of economic contraction on the back of Euronation austerity measures are cited as cause. A further drop is expected.

In Australia, MI Inflation Expectations fell to 3.4% in the previous quarter from 3.6%. A drop under 3% will weaken the Aussie and New Motor Vehicle Sales  predicted a small rise following the sharp drop from 9.0% to -3.0% in May.

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

In New Zealand, Consumer Price Index forecasted 0.5% rise in the second quarter following a disappointing 0.4% rise in Q1 when 0.6% was expected.

In Japan, Tertiary Industry Activity measuring change in the total value of services purchased by businesses is foreseen a 0.7% drop following the 2.1% rise in April.

That’s it for today. Happy forex trading!

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