A very light economic calendar today for the forex market, as a new weekly trading session begins, with expected volatility and price action to be very low. More important economic data is expected during the week.
These are the main economic events for today:
European Session
- ECB Constancio Speech
Time: 09:00 GMT
The speech by the Vice-President of the ECB could add some volatility for the Euro if there are any updates on economic growth and economic conditions in the Eurozone.
- Russia GDP Growth
Time: 13:00 GMT
The most important economic event for the whole day. As the GDP growth measures the total health of the economy, rising or better than expected figures are considered positive for the local currency, the Russian Ruble. Any surprise in the actual versus the expected figures can add volatility and increased price action.
American Session
- US Monthly Budget Statement
Time: 19:00 GMT
Government Budget Value is reported on a monthly basis by the Financial Management Service of the US Treasury, and is shows the actual deficit of surplus of the US Government for any given month. Budget deficits can stimulate the economy as they can lead often to higher levels of GDP, but they must be financed by government bonds. Excessive levels of deficits in the Government Budget are not sustainable in the long run and can cause financial instability or economic recession if they are not controlled. The forecast is for a reading of $-50.0B, a deficit which is significantly different than the previous figure of $8B.
