U.S. and Canada’s Trade Balance and employment figures are the most influential events on our calendar before we close another week of trade. Here is an outlook on today’s events.
In the US, Unemployment Claims an important signal of overall economic health expecting to continue last week’s drop by another 2k reaching 470K.
Later in the US, Trade Balance deficit grew wider than expected by growing to almost 50 billion a decrease to in deficit to 47.4B is expected now.
Finally in the US, Crude Oil Inventories released weekly expected a small increase of 0.7M after 3.4M increase last week.
In Canada, Trade Balance usually in surplus experienced an unexpected deficit of 1.1 billion last month, a smaller deficit of 0.8 billion is expected now.
More in Canada, New Housing Price Index measuring Change in the selling price of new homes released monthly is predicted the same rise of 1.0% as in June and Housing Starts is predicted 185K new building starts 4000 less than in the previous month.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, European Central Bank Monthly Bulletin is released reveals the statistical data that the ECB Governing Board evaluated when making the latest interest rate decision, and provides detailed analysis of current and future economic conditions from the bank’s viewpoint.
Also in Europe, Deutsche Bundesbank President Axel Weber speaks at the Household Heterogenity and Finance Conference at the Federal Reserve Bank, in Cleveland could affect interest rates and provide information on future monetary policy.
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Great Britain, British rate decision will probably stay at 0.50% once again in spite intentions to raise rates to respond to the rising inflation.
More in Great Britain, Asset Purchase Facility measuring the total value of money the BOE will create and use to purchase assets in the open market expected to remain 200B as in the previous month.
Later in Great Britain, Trade Balance deficit is forecasted another 100,000K increase from July reaching 7.5B.
Read more about the Pound in the GBP/USD forecast.
In Australia, employment data gained 25.3K expecting to further grow to 27.2K and the unemployment rate is expected to fall back down to 5.2% following 2.3% in July.
More in Australia, Assistant Governor of the Reserve Bank of Australia Dr. Guy Debelle speaks at the Westpac Macro Strategy Forum, in Sydney. He’s responsible for advising Reserve Bank Board members – who decide where to set the nation’s key interest rates. May affect interest rates and provide information on future monetary policy
For more on the Aussie, read the AUD/USD forecast.
In Japan, Final Gross Domestic Product expected 0.4% rise this quarter following a mere 0.1% rise in the previous quarter.
More in Japan, Monetary Policy Meeting Minutes is released providing a detailed record of the BOJ Policy Board’s meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates.
That’s it for today. Happy forex trading!
Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.
Get the 5 most predictable currency pairs