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U.S. Unemployment Claims, U.S. Pending Home Sales and the Euro-zone GDP are at the front of the news. Here is an outlook on all market moving events awaiting us today.

In the US, Unemployment Claims was lower than expected in the previous week with 473K a rise of 3000 to 476K is expected now.

More in the US, Non-farm business sector labor productivity decreased at a 0.9 percent annual rate during the second quarter of 2010 a further decline of 1.9% is expected in the third quarter and Revised Unit Labor Costs are predicted to rise 1.3% from 0.2% in the previous quarter in relation to productivity since a drop in a worker’s productivity is equivalent to a rise in their wage.

Later in the US, Pending Home Sales forecasted to edge down 1.3% following 2.6% drop in June and 30.0% in May after a popular tax credit expired at the end of April continuing the gloomy situation in the housing industry.

Federal Reserve Chairman Ben Bernanke testifies on the causes of the recent financial and economic crisis before the Financial Crisis Enquiry Commission, in Washington. Interest rates could be affected and information revealed on future monetary policy.

Finally in the US, Factory Orders  predicted to rise 0.4% after 1.2% decline in June and Natural Gas Storage expected to rise by 16B reaching 56B compared to the last week.

In Europe, Euro-zone Gross Domestic Product, the main measure of economic activity and growth expected to grow by 1.0% q/q in Q2 2010, as shown by the preliminary estimate.
More in Europe, Central Bank Interest Rate Announcement, in the midst of a global slowdown and with the sovereign debt problems in the Euro-zone, the European Central Bank would not raise rates until next year.

Finally in Europe, Producer Price Index has a mute effect since released after Germany and France PPI, expected 0.2% rise 0.1% less than in the previous month.

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

In Great Britain, Nationwide House prices Index a leading indicator of the housing industry’s health  expected to drop 0.3% following 0.5% drop in July and Construction PMI predicted to drop 0.6 points compared to July reaching 53.5 points.

More in Great Britain, Halifax House prices Index a leading indicator of the housing industry’s health  increased by 0.6% in July.   This modest rise offset the 0.6% fall in June and is likely to increase this time as well.

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

In Switzerland, Retail Sales  the primary gauge of consumer spending, forecasted to continue its rise by 2.3% after 1.0% rise in June and encouraging sign for the Swiss economy and Gross Domestic Product also predicted to rise by 0.8% following a smaller than expected rise of 0.4% in the previous quarter.

In Australia, Trade Balance surplus is expected to reach 3.11B 0.43B less than the impressive rise in June.

More in Australia, AIG Services Index based on a survey of about 200 service-based companies reached 46.6 points in July and is expected a small rise now.

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

In Japan, Japan Capital Spending a leading indicator of economic health  , expected to further improve to -6.6% in the 2Q from -11.5%.

That’s it for today. Happy forex trading!

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