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U.S. ISM Non-Manufacturing PMI, Euro Zone and British PMI as well as Japan’s rate decision are at the top of the list today. Here is an outlook on the market moving events ahead.

In the US, ISM Non-Manufacturing PMI made a disappointing drop from 54.3 to 51.5 points, getting near to the 50 point mark but still indicating economic expansion. A better figure of 52.1 points is expected this time.

In Canada, BOC Senior Deputy Governor Tiff Macklem delivers a speech titled “Reflections on Monetary Policy After the Great Recession” at the International Finance Club, in Montreal could affect interest rates and provide clues regarding future monetary policy.

For more on USD/CAD, read the  Canadian dollar forecast.

In Europe, Retail Sales a primary gauge of consumer spending released monthly expected an encouraging 0.2% rise, stronger by 0.1% than in the previous month.

More in Europe, Final Services PMI based on a survey of 600 purchasing managers regarding the relative level of business conditions  is predicted to remain 53.6 points as in the previous month indicating growth but still lower than in preceding months.

In Great Britain, Halifax HPI a leading indicator of the housing industry’s health  reported a slight rise of 0.2% despite a negative forecast. A continued rise of 0.6% is expected now although Activity is very slow since the beginning of the year.

More in Great Britain, Services PMI a leading indicator of economic health based on a survey of purchasing managers is predicted to drop further to 51.1 following a series of unexpected declines resulting in 51.3 points in August getting close to the critical 50.0 point line.

Later in Great Britain, BRC Shop Price Index measuring change in the price of goods purchased at British Retail Consortium-member retail stores gained 1.7% in August. A similar rise is expected now.

Read more about the Pound in the  GBP/USD forecast.

In Switzerland, Consumer Price Index a major indicator of inflation is expected to remain flat this month despite the 0.1% rise predicted in the previous month.

In Australia, Australian rate decision – The RBA is predicted to resume rate hikes in light of the strong employment situation and robust economy. Forecasts predict 25 basis points rise to 4.75%. This increase is necessary to hold back inflationary pressures.

More in Australia, Retail Sales a vital consumer spending data released monthly edged up 0.7% in July, 0.5% higher than in the previous two months. A rise of 0.5% rise is predicted now.

Later in Australia, Trade Balance Surplus is forecasted to grow to 2.31B following a disappointing figure of 1.89B in the previous month indicating good market conditions.

Finally in Australia, ANZ Job Advertisements this reading has high impact because it is released before the government employment data. An increase of 2.6% in the number of jobs advertised in August shows improvement in the market. Another rise is expected now.

The NAB Business Confidence reached a fantastic figure of 11 points in August following a mere 2 points in July. A nother rise is expected now.

For more on the Aussie, read the  AUD/USD forecast.

In Japan, Japanese rate decision, The BOJ is anticipated to leave rates unchanged at 0.10 percent, and while some economic indicators – including machine orders, industrial production, and manufacturing PMI – have shown signs of improvement, the central bank is likely to continue focusing on risks stemming from persistently weak domestic demand and deflation.

That’s it for today. Happy forex trading!

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