In the middle of this trading week, there are numerous important economic events today which can move the forex market and several currency pairs. A rich economic calendar with the following key economic news to focus on today looking for volatility and fluctuations:
Australia Westpac Consumer Confidence (September)
Time: 00:30 GMT
The monthly economic reading for Consumer Confidence is important, as it relates to future economic conditions and outlook, and can have a large impact on consumer spending which leads to higher or lower economic growth measured by the GDP. Higher than expected economic figures are considered positive for the Australian economy and the Australian Dollar.
Germany Consumer Price Index (August)
Time: 06:00 GMT
The measurement of inflation in Germany is important, being the largest economy in the Eurozone, with increasing or falling inflation influencing significantly the broader inflation rate in the Eurozone. Higher readings are positive for the Euro, increasing the odds of future interest rate hikes by the ECB. The forecast is for an unchanged reading of 1.8% on a yearly basis.
UK ILO Unemployment Rate (July)
Time: 08:30 GMT
In general lower Unemployment Rate is positive for the economy, reflecting a greater percentage of the labor force actually working, earning and spending, and all these factors lead to a higher economic growth. In addition at the same time the Employment Change for July will be released, with the forecast of an increase of 154k, compared to the previous reading of 125k. The Unemployment Rate is expected to be stable at 4.4%, and any positive surprise in the form of lower actual reading can lead to the appreciation of the British Pound against other currencies.
Euro-Zone Industrial Production (July)
Time: 09:00 GMT
The monthly economic figure for the Euro-Zone Industrial Production measures the growth and expansion of the industrial sector, and indicates important insights about the overall growth of the Euro-Zone economy. Higher figures indicate a strong industrial sector which expands with increased business activity, and in theory is positive for the Euro. The forecast is for a reading of 3.3%, an increase compared to the previous reading of 2.6%.
US Crude Oil Inventories (weekly reading)
Time: 14:30 GMT
With the recent hurricanes Harvey and Irma, the weekly release of the US Crude Oil Inventories can have a significant impact on the oil prices and the USD/CAD pair, but due to recent natural phenomena disasters, this may prove to be temporary, until there is are more stable market conditions of actual supply and demand for oil.Economic Calendar
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
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