U.S. Crude Oil Inventories, FOMC President Eric Rosengre speeks in New York and KOF Economic Barometer in Switzerland are the major events on our calendar. Here is an outlook on today’s market- moving events.
In the U.S. Crude Oil Inventories rose by one million last week after a decrease of 1.5M in the week before. A reduction of 0.4M is expected following the decline of crude oil prices.
Later in the US, Federal Reserve Bank of Boston President Eric Rosengren speaks at the Forecasters Club, in New York. As a voting member his speech may affect the currency and provide clues to future monetary policy.
In Canada, Raw Materials Price Index a leading indicator of consumer inflation released monthly, expected 0.6% growth after the favorable rise of 1.8% in July. This will strengthen the loonie.
More in Canada, Industrial Product Price Index measures the change in the price of goods sold by manufacturers produced domestically registered a disappointing 0.1% rise in July. A rise of 0.3% is expected now.
For more on USD/CAD, read the Canadian dollar forecast.
In Great Britain, Net Lending to Individuals a major indicator of consumer spending and consumer confidence grew less then expected in June reaching 0.3B. A bigger rise of 0.5B is predicted for July.
More in Great Britain, GfK Consumer Confidence a leading indicator of consumer spending based on a survey of about 2,000 consumers increased last month by four points to minus 18 for the first time in five months. A drop to -19 is expected now.
Later in Great Britain, Final Mortgage Approvals released monthly predicted to rise 2000 higher than last month’s reading of 45K.
Finally in Britain, Index of Services measuring the change in the total Gross Value Added of the private and government services sectors released monthly, predicted to maintain the 0.7% rise accomplished in June.
Read more about the Pound in the GBP/USD forecast.
In Switzerland, KOF Economic Barometer a combined reading of 12 economic indicators reached 2.23 in July, but dropped to 2.18 the previous month. Another drop to 2.12 points is expected now.
In Australia, CB Leading Index designed to predict the direction of the economy rose by a mere 0.1% in June a similar rise is predicted.
For more on the Aussie, read the AUD/USD forecast.
In New Zealand, Building Consents rose 3.1% in July, 0.4% weaker than the previous month. Another 3.0% rise is anticipated.
In Japan, Preliminary Industrial Production a leading indicator of economic health registered a disappointing drop of 0.2% in July however sharp rise of 1.2% is foreseen this time.
Later in Japan, Retail Sales the primary gauge of consumer spending registered a better than expected rise of 3.8% and is forecasted to climb further by 4.6%.
Finally in Japan, Manufacturing PMI a leading indicator of economic health released monthly, dropped to 50.1 points in the previous month a small rise is expected now.
That’s it for today. Happy forex trading!
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