We end the week with some interesting data regarding Advance GDP in the US & in GDP in Canada and more news. Let’s see what awaits us today.
In the US, Advance GDP, quarterly date of the inflation-adjusted value of all goods and services produced by the economy is about to rise by 0.4 and the Advance GDP Price Index is about to rise by 1%It’s the broadest measure of economic activity and the primary gauge of the economy’s health.
Later in the US, Employment Cost Index, quarterly date for the price businesses and the government pay for civilian labor is about to rise by 1%. When businesses pay more for labor the higher costs is usually passed on to the consumer.
Also in the US, Chicago Purchasing Managers’ Index (PMI), Monthly Survey of purchasing managers in Chicago which asks respondents to rate the relative level of business conditions will decrease by 2.2 points. Purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy
More 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. About to rise by 0.5 points.
Finally in the US, Revised UoM Inflation Expectations Survey of about 500 consumers which asks respondents where they expect prices to be 12 months in the future is 2.6% similar to the previous month.
In Canada, Gross Domestic Product (GDP), monthly data (unique to Canada). Is about to rise by 4% and the broadest measure of economic activity and the primary gauge of the economy’s health
More in Canada, Raw Materials Price Index (RMPI); the price of raw materials purchased by manufacturers will reduce by 0.3% when manufacturers pay more for goods the higher costs are usually passed on to the consumer.
Finally in Canada, Industrial Product Price Index (IPPI); the monthly price of goods sold by manufacturers; about to rise by 0.5%.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, German Retail Sales, inflation-adjusted sales at the retail level, excluding automobiles and gas stations is about to rise by 9%. a primary gauge of consumer spending, which accounts for the majority of overall economic activity.
Also in Europe, CPI Flash Estimate, the price of goods and services purchased by consumers decreases by 1%. Rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate.
Finally in Europe, Unemployment Rate, the Percentage of the total work force that is unemployed and actively seeking employment during the previous month is 10.1% like on the previous month. Tends to have a muted impact because there are several earlier indicators related to Eurozone labor conditions.
In Great Britain, Net Lending to Individuals monthly data of total value of new credit issued to consumers will reduces by 0.6 points. Comfortable issuing loans and that consumer are confident in their financial position and eager to spend money.
Finally in Britain, Final Mortgage Approvals, monthly date of new mortgages approved for home purchases during the previous month is about to rise by 2 K.
Read more about the Pound in the GBP/USD forecast.
In Switzerland, KOF Economic Barometer, monthly date of a composite index based on 12 economic indicators, The impact tends to be significant but varies from month to month is about to reduces by 0.03 points. Combined reading of 12 economic indicators related to banking confidence, production, new orders, consumer confidence and housing
In Australia, Private Sector Credit monthly date of the total value of new credit issued to consumers and businesses is about to rise by 2%. Borrowing and spending are positively correlated – consumers and businesses tend to seek credit when they are confident in their future financial position and feel comfortable spending money.
For more on the Aussie, read the AUD/USD forecast.
In Japan, Housing Starts monthly date of new residential buildings that began construction, jobs are created for the construction workers, subcontractors and inspectors are hired, and various construction services are purchased by the builder;
That’s it for today. Happy forex trading!
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