Fed Chairman Bernanke continues to testify in Washington DC, ADP Non-Farm Payrolls will provide a hint towards the NFP and much more important events are due. Let’s see what awaits us today.
In the US, Federal Reserve Chairman Ben Bernanke, due to testify on the semi-annual monetary policy report before the House Financial Services Committee, in Washington DC. The testimony usually comes in 2 parts: first he reads a prepared statement, then the committee will hold a question and answer session.
Later in the US, Federal Reserve Chairman Ben Bernanke, due to deliver a speech titled “Challenges for State and Local Governments” at the Citizens Budget Commission Annual Dinner, in New York.
More in the US, Automatic Data Processing, Inc. (ADP) Non-Farm Employment Change, employed people during the previous month, excluding the farming industry and government is about to reduce by 9K and accounts for a majority of overall economic activity.
Moreover in the US, Beige Book, Anecdotal evidence supplied by the 12 Federal Reserve banks regarding local economic conditions in their district and used by the FOMC to help make their next decision on interest rates
Finally in the US, Crude Oil Inventories, crude oil held in inventory by commercial firms during the past is about to rise by 0.3M. Impacts growth as many industries rely on oil to produce goods.
In Canada, Raw Materials Price Index (RMPI), price of raw materials purchased by manufacturers; is about to droop down by 1.1%. When manufacturers pay more for goods the higher costs are usually passed on to the consumer.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, German Retail Sales, total value of inflation-adjusted sales at the retail level, excluding automobiles and gas stations; is about to rise by 0.8%. It’s the primary gauge of consumer spending.
For more on the Euro, read the EUR/USD forecast.
In Great Britain, Halifax House Price Index (HPI), price of homes financed by Halifax Bank of Scotland (HBOS); is about to reduce by 1.4%. Important since rising house prices attract investors and spur industry activity.
More in Great Britain, Construction Purchasing Managers’ Index (PMI) Survey of about 170 purchasing managers to rate the relative level of business conditions, indicates industry expansion with 53%.
Read more about the Pound in the GBP/USD forecast.
In Switzerland, Retail Sales, total value of inflation-adjusted sales at the retail level, excluding automobiles and gas stations; is about to rise by 2.5%. Primary gauge of consumer spending, which accounts for the majority of overall economic activity.
In Australia, Trade Balance, value between imported and exported goods and services during the reported month; is about to reduce by 0.34B. Export demand and currency demand are directly linked.
More in Australia, Building Approvals, number of new building approvals issued, is about to reduce by 10.9%, excellent gauge of future construction activity.
Finally in Australia, Australian Industry Group (AIG) Services Index, Survey of about 200 service-based companies to rate the relative level of business conditions, indicates contraction; with 45.5 points.
For more on the Aussie, read the AUD/USD forecast.
In Japan, Capital Spending, total value of new capital expenditures made by businesses; is about to rise by 0.9%. Can be an early signal of future economic activity such as hiring, spending, and earnings.
That’s it for today. Happy forex trading!
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