U.S. Unemployment Claims, U.S. Existing Home Sales and Flash Manufacturing and Service PMI data in Europe are the major market moving events. Here is an outlook on today’s significant activities.
In the US, Unemployment Claims considerably reduced since the pick in mid August reaching 450K in the previous week a small rise to 451K is expected now.
Later in the US, Existing Home Sales dropped sharply in the previous month reaching 33.7K. A ise to 4.11B is expected now although it is still a low figure badly reflecting on the US economy.
More in the US, Natural Gas Storage released monthly edged up to 103B last week after Natural Gas price rose to the highest in more than three weeks. A smaller number is expected now.
Finally in the US, CB Leading Index of leading economic indicators, designed to predict the future direction of the economy released monthly , predicted 1.0% rise the same as in July’s lower than expected rise.
In Europe, French Flash Manufacturing PMI a leading indicator of economic health released monthly, expected to reach 55.0 points following a better than expected 55.1 points in the previous month. German Flash Manufacturing PMI also predicted a small decrease to 57.8 after a disappointing figure of 58.2 in the previous month however still a strong result. Flash Manufacturing PMI in the Euro-Zone tags along with a forecasted reduction of 0.5 points from 55.1 points in July.
Also in Europe, French Flash Services PMI another leading indicator of economic health is likely to reach 60.1 points following 60.4 points in July while the German Flash Services PMI is predicted 57.3 points 0.1 points stronger than in the previous month. Flash Manufacturing PMI in the Euro-Zone forecasted a reduction of 0.4 points compared to the previous month reaching 55.5 points.
Finally in Europe, Italian Quarterly Unemployment Rate expected a small rise of 0.2% in the total unemployed compared to the previous quarter resulting in 8.6%.
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Great Britain, British Bankers’ Association Mortgage Approvals registered a lower than expected 33.7K mortgage approvals in the previous month a further reduction to 32.3K is expected now which is a bad indicator to the housing market industry.
Read more about the Pound in the GBP/USD forecast.
That’s it for today. Happy forex trading!
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