Today the main economic events are related to the Australian Dollar with the release of Australia’s Unemployment Rate for July, but there could be also volatility for the Euro and the US Dollar with several economic readings. These are the most important economic events for today in the forex market to stay informed and be well prepared for price action:
Australia Unemployment Rate (July)
Time: 01:30 GMT
The Unemployment Rate measures the strength and health of the labor market, with lower readings indicating less unemployed people, increased consumption and higher future economic growth, all of these factors being positive for the Australian Dollar. The expectation is for the monthly Unemployment Rate to remain unchanged at 5.6%, but at the same time there is a positive expectation for an increase in the Employment Change with a reading of 20.0k, higher than the previous reading of 14.0k.
UK Retail Sales (July)
Time: 08:30 GMT
The monthly economic reading measures the change in Retail Sales, with higher readings reflecting strong consumer demand and spending, plus higher economic growth, being positive for the British Pound. However the expectation is for a reading of 1.2%, a smaller increase compared to the previous reading of 3.0%.
Euro-Zone Consumer Price Index (July final)
Time: 09:00 GMT
Consumer Price Index is a key measure of inflation in the Euro-Zone, measuring the purchasing power of the consumers, with higher readings indicating less purchasing power for the consumers, and increased odds of future interest rate hikes by the ECB to control inflation. In general higher than expected readings for the Consumer Price Index act as supportive for the Euro, and any surprises different from the expected outcomes can move the Euro. However the expectation for the final reading of Euro-Zone Consumer price Index for the month of July is for an unchanged reading of 1.3%, and for a reading of 1.2%, also unchanged for the Core Consumer Price Index, which excluded the volatile energy and food prices.
ECB account of the monetary policy meeting
Time: 11:30 GMT
This monetary policy meeting reviews several financial, economic and monetary developments, which are important and can have an impact on the Euro, especially in case of any hints for a monetary policy change.
US Initial And Continuing Jobless Claims (Weekly reading)
Time: 12:30 GMT
A weekly indication about the health of US labor market, with lower readings reflecting a strong labor market and being positive, supportive for the US Dollar.
US Industrial and Manufacturing Production (July)
Time: 13:15 GMT
Monthly readings measuring the change in Industrial and manufacturing Production, with higher readings indicating a stronger economy and future economic growth in terms of GDP, plus increased business and economic activity, leading to economic expansion. Higher than expected readings should be positive for the US Dollar. The Industrial Production is expected to show an increase of 0.3%, slightly lower than the previous reading of 0.4%, while Manufacturing Production is expected to remain unchanged at 0.2%.Economic Calendar