These are the 6 major economic events for today, which can move the forex market. The Euro could move as there is the release of the 2nd quarter Euro-zone GDP growth, and the US FOMC Meeting Minutes could provide volatility for the US Dollar, while the release of weekly US Crude Oil Inventories can affect the oil process and the USD/CAD.
Australia Westpac Leading Index (July)
Time: 00:30 GMT
The Westpac Leading Index monthly reading is a key leading indicator, which measures broader Australian economic activity, and provides insights on future economic performance. Higher readings are positive for the Australian Dollar, indicating increased economic activity and strength.
UK ILO Unemployment Rate (June)
Time: 08:30 GMT
A lower Unemployment Rate is positive for the economy, indicating a strong labor market, higher consumer spending and higher future economic growth. Any positive surprise showing a lower than expected economic figure will be positive for the British Pound, but the expectation is for an unchanged Unemployment Rate of 4.5%. At the same time other economic readings such as the Employment Change for June, and Average Weekly Earnings will be released, with higher than expected readings being again positive for the UK economy and British Pound reflecting the strength of labor market.
Euro-Zone Gross Domestic Product (2nd Quarter)
Time: 09:00 GMT
Gross Domestic Product measures the general level of economic activity and its expansion, with positive and rising economic readings being positive for the currency, in our case the Euro. Increased economic expansion and growth over time is positive, as it may cause inflationary pressures and possible interest rate hikes by the ECB. Any positive or negative surprises could move the Euro, but the expectation is for an unchanged reading of 2.1% on a yearly basis and 0.6% on quarterly basis.
US Housing Starts (July)
Time: 12:30 GMT
US Housing Starts is a monthly indicator about the strength of the housing sector, measuring the change in the annualized number of new homes that started their construction in the previous month. Higher readings are positive for the US Dollar reflecting a strong housing sector, with the expectation being to show a small increase of 0.4%, much lower than the previous high increase of 8.3%, something for which seasonality may have significant part.
US Crude Oil Inventories (Weekly report for August 11th)
Time: 14:30 GMT
A weekly and highly unpredictable economic reading measuring the change in Crude Oil Inventories, with any surprise, either positive or negative able to move the oil prices and the USD/CAD. The expectations are for a reading of -3600k, lower than the previous reading of -6451k, and in case a decline in the actual reading is more than expected, then this should reflect strong demand for oil, and should be positive for oil prices.
US FOMC Meeting Minutes (July 26th)
Time: 18:00 GMT
Any comments and forecasts about the future economic growth and change of monetary policy by the Fed can have an effect on the US Dollar.
