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U.S. Advance GDP, US Employment Cost and Canada’s GDP are the major event at the end of another trading week. Here is an outlook on today’s events.

In the US, Advance Gross Domestic Product, the main measure of economic activity and growth in the world’s largest economy will bring the preliminary estimate of the U.S. GDP, which is forecasted to be in line with the market’s expectations of slower 2.5% economic growth in Q2 2010, compared with 2.7% in the first quarter while Advance GDP Price Index is expected the same growth rate of 1.1% as in the previous quarter.

More in the US, Employment Cost Index measuring the change in the price businesses and the government pay for civilian labor is forecasted 0.5% rise following 0.6% rise in the previous month.

Finally in the US, Chicago PMI predicted to drop 3 points from June to 56.1 points while Revised UoM Consumer Sentiment based on a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions is foreseen a 1 point rise from 66.5 points and Revised UoM Inflation Expectations expected to remain around 2.9% as in the previous month.

In Canada, Gross Domestic Product, the main measure of economic activity and growth expected to pick up slightly by 0.1% in June from the flat reading of 0% in May.
For more on USD/CAD, read the  Canadian dollar forecast.

In Europe, Consumer Prices, the main measure of inflation in the Euro-zone and the European Union’s equivalent expecting inflationary pressures following a brief pullback, estimated to rise by 1.8% y/y in July from 1.4% y/y in the previous month.
More in Europe, German Retail Sales expected to remain flat this month following 0.4% rise in June. Italian Prelim CPI is  foreseen a 0.2% rise after no rise in June and Italian Monthly Unemployment Rate predicted 8.8% rise 0.1% more than in June.

Finally in Europe, Unemployment Rate in the Euro-Zone is expected to remain 10%.

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

In Switzerland, KOF Economic Barometer index based on 12 economic indicators expected to rise by additional 0.07 points to 2.32 points may have significant impact on the market.

In Australia, Private Sector Credit forecasted a 0.4% rise following 0.5% rise in the previous month indicating consumer’s continue borrowing and spending.

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

In Japan, Housing Starts predicted a positive 1.7% increase following 4.6% dip in the previous month.

That’s it for today. Happy forex trading!

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