Unemployment Claims in the US and ECB Press Conference in Europe are only some of the exciting news. .Let’s see what awaits us today.
In the US, Unemployment Claims, individuals who filed for unemployment insurance for the first time during the past week; is about to reduce by 1K. important since consumer spending is highly correlated with labor-market conditions.
Later in the US, The Institute for Supply Management (ISM) Non-Manufacturing Purchasing Managers’ Index (PMI); Survey of about 400 purchasing managers to rate the relative level of business conditions. Purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy.
More in the US, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota, due to speak about the labor market and monetary policy at the State University Winter Institute, in St. Cloud. Audience questions expected.
Finally in the US, Revised Nonfarm Productivity is due to remain 2.6%. Productivity and labor-related inflation are directly linked.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, European Central Bank (ECB) Press Conference, the primary method the ECB uses to communicate with investors regarding monetary policy. It covers in detail the factors that affected the most recent interest rate and other policy decisions, such as the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy.
More in Europe, Minimum Bid Rate, Interest rate on the main refinancing operations that provide the bulk of liquidity to the banking system is about to remain 1%. Traders look at most other indicators merely to predict how rates will change in the future.
Finally in Europe, Retail Sales is about to rise by 1%/ primary gauge of consumer spending, which accounts for the majority of overall economic activity.
For more on the Euro, read the EUR/USD forecast.
In Great Britain, Services Purchasing Managers’ Index (PMI); Survey of purchasing managers to rate the relative level of business conditions including, indicates industry expansion with 54 points,
Read more about the Pound in the GBP/USD forecast.
That’s it for today. Happy forex trading!
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