US Non-Farm Payrolls expected drop, followed by US Average Hourly Earnings and Factory Orders highlight the events today. Here’s an outlook on the week closing events.
In the US, Non-Farm Payrolls: The number one event in forex was worrying last month. A big jump was recorded – 432K, but this came almost only from the public sector the government’s hiring for the decennial census. Private sector growth was weak. One point of light was seen though – the unemployment rate unexpectedly dropped to 9.7%. Without government aid, Non-Farm Payrolls are now expected to correct and drop by 103K. The unemployment rate is expected to rise to 9.8%.
More in the US, Average Hourly Earnings a leading indicator of consumer inflation gained 0.3% in May. A lower increase of 0.1% is expected now.
Finally in the US, following an eight consecutive month rise, Factory Orders expected to drop by 0.5% indicating deceleration in the US market.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, The unemployment rate across the 16 countries that share the euro hit a record 10.1 per cent in April, with almost 16 million people out of work a similar figure is expected now. Italian Monthly Unemployment Rate anticipated 8.9%, 0.2% higher than in May.
More in Europe, Producer Price Index expected to drop from 0.9% to 0.3%. The Producer Price Index released by the Eurostat is an index that measures the change in prices received by domestic producers of commodities in all stages of processing (crude materials, intermediate materials, and finished goods). A high reading is seen positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Great Britain, Halifax HPI reached -0.4% in May, weaker than the 0.35 expected and -0.1% prior reading a similar figure is expected now.
More in Great Britain, Construction PMI: an index based on surveyed purchasing managers in the construction industry expected to reach 58.6 points – 0.1 higher than the previous month reflecting favorably on the market.
Read more about the Pound in the GBP/USD forecast.
That’s it for today. Happy forex trading!
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