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U.S. Retail Sales, U.S. Business Inventories and German ZEW Economic Sentiment are the leading events on our calendar. Here is an outlook for the main activities awaiting us today.

In the US, Retail Sales important gauge of consumer spending measuring the total receipts at retail establishments improved last month after two drops. Retail sales are predicted to rise by 0.4%, the same as last month, and core retail sales predicted to rise by 0.3 after 0.2% rise last month.

Later in the US, Business Inventories another indicator of consumer spending, expected 0.5% rise in stock ,0.2% more than in the previous month, due to a forecasted rise in sales.

In Canada, BOC Governor Mark Carney delivers a speech titled “The Economic Consequences of the Financial Reforms” at the Deutsche Bundesbank, in Berlin. Will affect currency and provide info regarding future monetary policy.

More in Canada, Labor Productivity released quarterly is predicted to increase by 0.9% following a weaker than expected rise of 0.8% in the previous quarter.

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

In Europe, German ZEW Economic Sentiment a leading indicator of economic conditions and business expectations in the Euro-zone dropped significantly in the past four months, reaching 14 points last month another drop to 11.3 points is expected now. Further drops to negative figures will weaken the Euro considerably and ZEW Economic Sentiment for the Eurozone is expected to reach 14.9 points almost 1 point weaker than in the previous month.
Also in  Europe, Industrial Production released monthly is forecasted 0.2% rise an improvement compared to the 0.1% drop in June.

Finally in Europe, Axel Weber President of Deutsche Bundesbank delivers opening remarks at the 7th Bundesbank Lecture, in Berlin. Will affect currency and provide info regarding future monetary policy.

For more on the Euro, read the  EUR/USD forecast and Casey Stubbs’  latest analysis.

In Great Britain, CPI- Consumer Price Index, the main measure of inflation expected to drop to 2.9% below the 3.0% BOE ceiling after 3.1% rise in July and Core CPI remains 2.6% as in the previous month.
More in Great Britain, Martin Weale an MPC member of the Bank of England  testifies on his appointment to MPC before the Treasury Select Committee, in London. May affect rates and provide info regarding future monetary policy.

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

In Australia, NAB Business Confidence index based on a survey of about 350 businesses dropped 2 points from 4 in July a small rise is expected now.

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

That’s it for today. Happy forex trading!

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