Very interesting day in the US, Retail Sales, Prelim UoM Consumer Sentiment and more. Let’s see what awaits us today.
In the US, Retail Sales, It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity is about to rise by 0.5%, while the Core Retail Sale (excluding automobiles) is about to rise by 0.4%.
Later in the US, Prelim University of Michigan (UoM) Consumer Sentiment, Survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions; is about to decrease by 0.5 points.
Later on in the US, Prelim University of Michigan (UoM) Inflation Expectations, Survey of about 500 consumers which asks respondents where they expect prices to be 12 months in the future is about to remain 3.4%, similar to the previous one.
More in the Us, Business Inventories, value of goods held in inventory by manufacturers, wholesalers, and retailers; is about to reduce by 0.2%.
Finally in the US, Federal Reserve Bank of New York President William Dudley, due to speak about the US economy at the Queens Chamber of Commerce, in New York.
In Canada, Employment Change in the number of employed people during the previous month; is about to decrease by 43K. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity
More in Canada, Unemployment Rate, unemployed and actively seeking employment during the previous month; is about to drop down by 0.1%. Important because consumer spending is highly correlated with labor-market conditions.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, European Union (EU), Economic Summit, Due to meet about a range of global economic issues, including the Eurozone bailout fund and Libyan situation, in Brussels.
For more on the Euro, read the EUR/USD forecast
In Great Britain, Bank of England (BOE) Governor Mervyn King, due to speak at the Stanford Institute for Economic Policy Research Economic Summit, in San Francisco
More in Great Britain, Producer Price Index (PPI) bothe Input, price of goods and raw materials purchased by manufacturers and Output (price of goods sold by manufacturers) are about to decrease by 0.3%,
Read more about the Pound in the GBP/USD forecast.
That’s it for today. Happy forex trading!
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