US and Canadian trade balance readings are the main events today. Here is an outlook on the market-movers awaiting us.
In the US, Trade Balance deficit contracted in June to %42.9 billion after posting a deficit of 48.0 billion in the preceding month. The reading was better than the 47.4 forecasted by analysts. A deficit of $44.2 billion is predicted now.
Later in the US, IBD/TIPP Economic Optimism. Consumer’s economic outlook worsened in August down to 45.6 after reaching 47.0 in July, contrary to the 47.4 predicted by analysts. A rise to 47.3 is expected now.
In Canada, Trade Balance deficit doubled predictions in June reaching -$1.8 billion deficit from -$1.0 billion in May. A smaller deficit of -$1.5 billion is expected now.
Later in Canada, Housing Starts contracted in July reaching 209,000 after posting 222,000 in the previous month, lower than the 212,000 forecasted. Another decline to 206,000 is anticipated.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, French Final Non-Farm Payrolls. French job market gained 0.1% positions in the first quarter in line with predictions, following 0.1% decline in the fourth quarter of 2011. A decline of 0.1% is predicted this time.
Later in Europe, German WPI. German suppliers merchandises Prices increased 0.3% in July beating predictions for a flat reading and following a 1.1% decline in June. Another 0.3% gain is predicted this time.
For more on the Euro, read the Euro to dollar forecast.
In Great Britain, Trade Balance deficit increased to 10.1 billion in June from 8.4 billion in May, worse than the 8.5 billion forecasted. Deficit is expected to decrease to 8.9 billion.
Read more about the Pound in the GBP/USD forecast.
In Australia, NAB Business Confidence rebounded in July soaring to 4 after declining to -3. A similar reading is expected now.
For more on the Aussie, read the AUD/USD forecast.
In New Zealand, REINZ HPI. Selling prices of NZ homes dropped in July by 0.7% following a 0.3% increase in June. A small improvement is anticipated.
For more about the kiwi, see the NZD/USD forecast.
In Japan, Core Machinery Orders. Private sector machine orders increased less than predicted in June rising 5.6% after contracting 14.8% in May. Economists anticipated 11.1% increase. A rise of 1.8% is forecasted this time.
Later in Japan, Tertiary Industry Activity. Japan service sector activity expanded by 0.1% in June following0.9% increase I the preceding month. The reading was contrary to predictions of a 0.3% drop.
More in Japan, CGPI. Corporate Goods Price Index decreased unexpectedly by 2.1% in July following 1.4% drop in the previous month. Economists forecasted a smaller decline of 1.5%. Another plunge of 1.9% is predicted this time.
Finally in Japan, Prelim Machine Tool Orders dropped 6.7% in July from a year earlier after contracting 15.5% in June. A similar contraction is expected now.
Read more about the yen in the USD/JPY forecast.
Trade well,
For more events later in the week, check out the Live Forex Calendar
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