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The forex market economic calendar today has important economic data related to the Euro, US Dollar, Japanese Yen and the British Pound, so we can anticipate increased volatility and price action.

These are the most important economic events for today to focus on:

European Session

  1. Germany GfK Consumer Confidence

Time: 06:00 GMT

A monthly important survey by GfK which measures German Consumer Confidence. High or rising figures are supportive for the Euro and the German economy, as higher confidence can often lead to higher consumer spending and growth. The expectation is for a reading of 11.0 for October, marginally higher than the previous reading of 10.9.

  1. Spain Inflation Rate

Time: 07:00 GMT

The forecast is for a yearly inflation rate of 1.8%, higher than the previous reading of 1.6%. Any rising inflation rate in a member of the Eurozone contributes positively to the average inflation rate in the Eurozone, increasing the odds for the ECB to raise the key interest rate and fight inflation, a positive effect for the Euro.

  1. Bank of England Governor Speech

Time: 08:15 GMT

A central bank official speech can always move the forex market depending on the actual statements and investors sentiment of future changes on monetary policy.

  1. Eurozone Economic Sentiment, Industrial Confidence and Services Sentiment

Time: 09:00 GMT

A series of economic and business confidence readings for the Eurozone, which reflect the optimism and future economic outlook. Rising figures tend to lead to higher growth and are perceived positive for the Eurozone economy and the Euro. Very minor changes are expected compared to the previous readings.

  1. Spain Business Confidence

Time: 09:45 GMT

Same comments as per Eurozone apply.

  1. Germany Inflation Rate

Time: 12:00 GMT

The inflation rate for Germany is expected to show a reading of 1.8% on a yearly basis, unchanged from the previous reading. Any positive surprise with a higher than expected reading can be positive and supportive for the Euro, increasing the odds of the ECB to raise interest rates soon to fight the inflation.

  1. UK GfK Consumer Confidence

Time: 23:05 GMT

Same comments as per Germany GfK Consumer Confidence apply.

American Session

  1. US GDP Growth Rate, GDP Price Index, Initial Jobless Claims and PCE Prices

Time: 12:30 GMT

Many important economic data is released at 12:30 GMT and can cause increased volatility for the US Dollar. From the annualized number of GDP growth, to personal consumption expenditures, and weekly number of jobless claims, all these readings will provide useful insights on the state of the US economy. Especially high readings in the GDP growth and personal consumption expenditures are possible for the US Dollar reflecting a robust and expanding economy.

  1. Again today there are 2 speeches from Fed officials.

Time: 14:00 GMT and 13:45 GMT

  1. Kansas Fed Manufacturing Index

Time: 15:00 GMT

The Federal Reserve Bank of Kansas releases the manufacturing activity, which although being a regional one, it is positive for the US Dollar in the event of rising or higher than expected readings.

Pacific Session

  1. Reserve Bank of Australia Debelle Speech

Time: 09:00 GMT

A speech from Guy Debelle, the Assistant Governor of the Reserve Bank Of Australia can move the Australian Dollar with statements related to the monetary policy and economic growth.

Asian Session

  1. Bank of Japan Kuroda Speech

Time: 06:35 GMT

Same comments as per Debelle speech apply.

  1. Japan Inflation Rate and Unemployment Rate

Time: 23:30 GMT

Higher than expected inflation rate and lower unemployment rate readings are positive for the Japanese economy, indicating increased odds of future interest rate increases and a robust economy. The forecast is for an increased inflation rate with a reading of 0.7% on a yearly basis, but an unchanged reading of unemployment rate with a figure of 2.8%.

  1. Japan Retail Sales and Industrial Production

Time: 23:50 GMT

Higher readings for both these economic data are positive for the Japanese economy and the Yen as they reflect a strong expanding economy and higher GDP growth due to higher consumer spending. Retail sales are expected to increase on a yearly basis, and industrial production on a monthly basis.

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