A new trading week for the forex market starts today with a very light economic calendar, and only economic news important for the Japanese and the Canadian economy. As mentioned before the lack of critical economic news often means that the trading session will be rather quiet and volatility is expected to be low in most of the currency pairs.
These are the 2 most important economic events for today to focus on:
Japan Machine Tool Orders (August)
Time: 06:00 GMT
The monthly change of Machine Tool Orders is important for the Japanese economy, as it measures the confidence and business optimism for the economy by the manufacturers. As Japan is a country with a strong focus on manufacturing economic and business activity, higher readings or increasing readings of the monthly Machine Tool Orders can be interpreted a positive for the economy and the Yen.
Canada Housing Starts (August)
Time: 12:15 GMT
The monthly measurement of the housing market is important as an economic indicator for the broader economy, as higher number of Housing Starts signals a booming economy, with increased optimism by the consumers for future economic growth. A higher number of Housing Starts reflects a strong housing market, with multiple sectors and business categories to benefit in the future from this increased economic activity and is positive for the Canadian Dollar.
