Core Durable Goods Orders in the US, Revised GDP in UK and German Ifo Business Climate, are only some of the busy outlook of the day. Let’s see what awaits us today.
In the US, Durable Goods Orders, new purchase orders placed with manufacturers for durable goods is about to reduce by 0.5%, while the Core Durable Goods Orders (excluding transportation items) is about to rise by 1.2%. Rising purchase orders signal that manufacturers will increase activity as they work to fill the orders
Later in the US, Unemployment Claims, individuals who filed for unemployment insurance for the first time during the past week is about to reduce by 5K. An important overall economic health signal since consumer spending is highly correlated with labor-market conditions.
More in the US, New Home Sales, new single-family homes that were sold during the previous month is about to rise by 5K. More impact when it’s released ahead of Existing Home Sales and triggers a wide-reaching ripple effect.
Moreover in the US, Personal Spending, expenditures by consumers; is about to rise by 0.3% and Personal Income received from all sources by consumers is about to rise by 0.5%. Income is correlated with spending – the more disposable income consumers have, the more likely they are to increase spending.
Later in the US, Revised 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 rise by 0.2 points.
Later on in the US, Revised 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 will remain 3%, similar to the previous report.
Finally in the US, Treasury Currency Report, provides a detailed review of global exchange rate policies, economic conditions, and central bank and government actions around the world. Most importantly, the report outlines counties that the Treasury deems currency manipulators.
In Canada, Corporate Profits earned by corporations is about to remain 1.8% similar to the previous quarter. Businesses are quickly affected by market conditions, and changes in their earnings can be an early signal of future economic activity such as spending, hiring, and investment.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, German Information and Forschung (Ifo) Business Climate, highly respected Survey of about 7,000 businesses to rate the relative level of current business conditions and expectations for the next 6 months is about to rise by 0.1 points and It tends to create a hefty market impact upon release;
Also in Europe, Industrial New Orders, new purchase orders placed with manufacturers is about to reduce by 8.2%. Rising purchase orders signal that manufacturers will increase activity as they work to fill the orders.
Finally in Europe, Belgium National Bank of Belgium (NBB) Business Climate, Survey of about 6,000 businesses to rate the relative level of current business conditions and expectations; is about to rise by 0.1% but still indicates worsening conditions with -2.7 points.
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Great Britain, Revised Gross Domestic Product (GDP), all goods and services produced by the economy is due to remain 0.8% similar to the previous month. Broadest measure of economic activity.
More in Great Britain, Monetary Policy Committee (MPC); Andrew Sentence Due to speak at the Agency Event, in Belfast.
Later in Great Britain, Prelim Business Investment, capital investments made by businesses and the government is about to reduce by 0.1%. The Preliminary release tends to have the most impact on the future economic activity.
Finally in Britain, Index of Services is about to rise by 0.1%. Gross Value Added (GVA) the difference between service provided and goods and services used to provide the service.
Read more about the Pound in the GBP/USD forecast.
In Switzerland, Employment Level, employed people during the previous quarter is due to rise to 3.98M, similar to the previous month. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.
In Australia, Construction Work Done, value of construction projects completed is about to reduce by 1.4%. Important gauge of the construction industry, which has a sizable impact on overall employment and spending.
For more on the Aussie, read the AUD/USD forecast.
In Japan, Trade Balance, value between imported and exported goods during the reported month is about to rise by 4T. Export demand and currency demand are directly linked.
More in Japan, Corporate Services Price Index (CSPI); services purchased by corporations will reduce by 0.1%. When corporations pay more for services the higher costs are usually passed on to the consumer.
That’s it for today. Happy forex trading!
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