The forex market economic calendar for today has only one economic event rated top important, related to the US Dollar, but there could be volatility for the Euro, the British Pound, and the Yen, while the economic consequences of the Hurricane Harvey in the USA and the Houston area, may continue to weigh on oil prices and therefore the USD/CAD pair could also exhibit increased volatility as well.
These are the most important economic events for today in the forex market to be well informed and prepared for any increased price action:
UK Nationwide House Prices (August)
Time: 06:00 GMT
This monthly economic reading measures the change in the cost of homes in the UK, and the level of the housing market, whether it is in an expansion or not. Increased housing prices can add inflation pressures to the economy, and this is positive for the British Pound as it increases the odds of a future interest rate hike by the Bank of England. The forecast for the month of August on a yearly basis is a reading of 2.5%, lower than the previous reading of 2.9%, and on a monthly basis a change of 0.0%, while the previous reading was 0.3%.
German GfK Consumer Confidence Survey (September)
Time: 06:00 GMT
A monthly economic survey which measures the Consumer Confidence, with higher or rising reading being positive for the German economy and the Euro, as they reflect optimism, possible increased consumer spending and thus higher economic growth. The forecast is for an unchanged reading of 10.8.
US Consumer Confidence (August)
Time: 14:00 GMT
As in the case of the German Consumer Confidence, again higher than expected or rising Consumer Confidence readings for the US economy are positive and supportive for the US Dollar. The reason is that Consumer Confidence is highly correlated to consumer spending, which in turn affects the number of GDP, the measure of economic growth. While any higher or rising figure is at least in theory supportive for the US Dollar, the forecast is for a lower reading of 120.4, compared to the previous reading of 121.1. Any surprise could either help the US Dollar appreciate or depreciate against its major counterparts.
Japan Retail Trade (July)
Time: 23:50 GMT
The monthly economic change in the number of goods and services sold is important as it reflects the strength of economic and business activity, with higher readings indicating strong consumer spending, thus being positive for the Japanese Yen, as the local economy shows signs of expansion and future growth. The forecast is for a lower reading of 1.0% on a yearly basis, compared to the previous reading of 2.2%.
