U.S. ADP Non-Farm Employment Change is looking good, The ISM Non-Manufacturing PMI is also on the rise and U.S. Federal Reserve Bank of Boston President Eric Rosengren delivers a speech. These items together with more good news, await us today.
In the US, ADP Non-Farm Employment Change, estimates a rise of 29000 in the number of employed people in the U.S. which is really good news for the American dollar after the drop of 23000 from last month. We still need to see the results of the Non-Farm Employment Change report on Friday to confirm this positive notion.
Later in the US, The Institute for Supply Management Non-Manufacturing PMI measuring the Level of a diffusion index based on surveyed purchasing managers, excluding the manufacturing industry is expected to rise from 55.4 points to 56.2 another good sign for the U.S. market.
More from the US, Federal Reserve Bank of Boston President Eric Rosengren delivers a speech titled “Understanding the Housing Collapse: What is to Blame and What can be Done” at the Rappaport Institute of Harvard University, in Boston and at Money Marketeers Club, in New York. This will probably influence monetary policy and interest rates.
Also in the US, Crude Oil Inventories released weekly will probably remain around 1.9M.
Finally in the U.S., Job Cut Announcements will probably remain in the area of -55.0% though has limited short-term correlation with overall labor conditions.
In Europe, Retail Sales measuring change in the total value of inflation-adjusted sales at the retail level is expected to rise from -0.6% to 0.1.
More from Europe, Final Services PMI showing the level of a diffusion index based on surveyed purchasing managers in the services industry is also expected a small mount from 55.5 to 55.6 points which will affect the Euro.
Also in Europe, Deutsche Bundesbank President Axel Weber speaks about financial system reform at the German Savings Bank Event, in Stuttgart and Berlin. This may reveal clues concerning future monetary policy.
In Great Britain, Halifax Bank of Scotland (HBOS) House price index, indicating the change in the price of homes financed by HBOS, is expected to go down from 1.1% to 0.6%, a bit of slowing down in the housing industry and a drop in the total value of new credit issued to consumers this month from 2.1B to 2.0B, may correlate to Pre-election uncertainty.
More in Great Britain, Construction Purchasing Managers’ Index showing the Level of a diffusion index in the construction industry is expected a slight increase from 53.1 points to 53.5 points warming up towards elections.
Read more about the Pound in the GBP/USD forecast.
In Australia, Good news for Australia’s construction activity; Building Approvals report released monthly shows an expected rise from -3.3% to 0.9% in the umber of new building approvals issued.
For more on the Aussie, read the AUD/USD forecast.
In New Zeeland, Employment Change released quarterly, shows an expected positive rise of 0.3% in the number of employed people since the drop 0f -0.1% last to 0.3% and the total rate of unemployed in New Zeeland is expected to remain 7.3%.
That’s it for today. Happy forex trading!
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