Important events are with us today; US national ISM Manufacturing PMI and Canada’s BOC Rate Statement and Overnight Rate reports are issued. This events stand out I today’s news.
In the US, ISM Manufacturing PMI is expected to drop to 59.6 from 60.4 in May. This drop comes after nine consecutive months of expansion but still reflects a relative growth in the US market.
In Canada, BOC Rate Statement is released revealing bank rate decisions and providing insight on future monetary policy.
More in Canada, Overnight Rate is foreseen to rise from 0.25% to 0.50% for the first time since April 2009, in light of the recent improvements in the Canada’s economic outlook expecting to give a positive drive to the economy.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, Deutsche Bundesbank President Axel Weber is intending to peak at the General Shareholder’s Meeting, in Frankfurt.
Also in Europe, German Unemployment Change is expected to continue its drop by 17000 after a decline of 68,000 in April and, 42,000 in March continuing the growth trend in Germany while in Europe, Unemployment Rate is expected to rise by 0.1% compared to 10.0% in April.
Later in Europe, German Retail Sales are expected to increase by 0.7% after a drop of 1.6% in April.
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Great Britain, Halifax House Price Index is expected to rise by 0.3% compared to a drop of -0.1% in May giving a boost to the housing industry.
More in Great Britain, Manufacturing PMI is headed for a slight decrease of 0.2 points from 58.0 in May.
Read more about the Pound in the GBP/USD forecast.
In Switzerland, SVME PMI is expected to reduce by 1.5 points compared to May’s 65.9 points and the GDP is expected to remain 0.7% as in the previous quarter.
In Australia, After the RBA Board decided to raise the cash rate by 25 basis points to 4.25 in April, the new RBA Rate Statement will reveal whether a further increase is in order.
More in Australia, Building Approvals is foreseen a drop by -4.9% compared to the sharp rise of 15.3% in May.
Later in Australia, Retail Sales are expected to remain 0.3% as in May and Cash rate is 4.50% is unlikely to change this month.
Finally in Australia, Commodity Prices are expected to increase again following the sharp rise of 29.4% in May.
For more on the Aussie, read the AUD/USD forecast.
That’s it for today. Happy forex trading!
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