Today the forex market economic calendar has significant economic events related to the German economy and the US economy, plus we have 2 major speeches from the Fed chair Janet Yellen and later on from the ECB President, Mario Draghi at the Jackson Hole Economic Symposium, so there is increased probability for volatility in the EUR/USD pair.
These are the most important economic events to focus on today in the forex market:
German Gross Domestic Product (2nd quarter)
Time: 06:00 GMT
The Gross Domestic Product measures the total value of all goods and services produced, and the growth and health of the broader economy. Higher than expected or rising readings are positive for the German economy and supportive for the Euro indicating higher economic activity and growth. The forecast for the German GDP in the 2nd quarter of the year is a reading of 2.1% on a yearly basis and on working day adjustment, and a reading of 0.8% for not seasonally adjustment, exactly the same as the previous readings. Any surprise has the potential to move the Euro. On a quarterly basis the expectation is also for an unchanged reading of 0.6%.
German IFO Index (August)
Time: 08:00 GMT
A monthly economic reading which measures the sentiment for the German economy, having 3 readings, for the Business Climate, Expectations and the Current Assessment. These readings reflect the expectations and optimism for the next six months, with higher readings reflecting expectations for economic growth and expansion, being positive for the German economy and the Euro.
US Durable Goods Orders (July)
Time: 12:30 GMT
This monthly economic reading measures the change of the orders for long lasting goods, which are related to consumer confidence and spending and reflect also future economic conditions and optimism. Due to their nature of long lasting period, they provide significant signals about the state of the economy. Higher readings are positive for the US economy and the US Dollar. The expectations is for a reading of -6.0%, slightly better than the previous reading of -6.4%.
US Fed chair Yellen speaks at Fed Conference in Jackson Hole
Time: 14:00 GMT
Any comments about future change in the monetary policy and the state of the economy, with mention on inflation, labor market, GDP, can move the US Dollar.
ECB President Mario Draghi speaks in Jackson Hole
Time: 19:00 GMT
The forex market is waiting for the speech of Mr. Draghi for any further clarifications on the timing of the monetary policy change, inflation rate, and GDP growth, and his statements can certainly move the Euro.Economic Calendar