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The economic calendar today includes very few economic news and reports with a low to moderate expected volatility in the forex market. This week the Fed, the ECB and the RBA will publish the minutes of their last monetary policy meetings while other key economic data include: US existing and new home sales, durable goods orders and flash Markit PMIs; UK CBI factory orders; Eurozone flash Markit PMIs; and Japan inflation rate and flash Manufacturing PMI. There is also the Jackson Hole summit with important market-sensitive remarks anticipated from central bankers and finance ministers which could move the forex market.

On Friday August 17, 2018 the yearly Inflation Rate in Canada came out in 3.0%, beating the estimate of 2.5% while the US Michigan Consumer Sentiment Index missed the estimates coming out in 95.3 lower than the forecast of 98.0. These two economic data may influence the US and Canadian Dollar trend for today. The trade war developments, the US-Turkey geopolitical tension and the degree of risk appetite most probably will influence the forex market this week.

These are the they economic events for today in the forex market, time is GMT:

European Session

Germany: Producer Price Index (YoY, MoM), Eurozone: Construction Output s.a MoM, Bundesbank Beermann Speech, Bundesbank Weidmann Speech, Construction Output w.d.a YoY

Time: 06:00, 09:00, 16:00, 18:00

The Producer Price Index measures the average changes in prices in the German primary markets. The changes in the PPI are considered as an indicator of inflationary pressures, and in this respect higher than expected figures are positive for the Euro. The report on the Construction Output shows the output of the construction industry, in both the private and public sectors, reflecting the strength of the construction industry, and the investments made in this economic sector. A high reading is considered positive for the Euro.

Construction output in the Euro Area rose by 1.8 percent year-on-year in May of 2018, following a downwardly revised 1.2 percent gain in the previous month. It is the highest growth in four months as both civil engineering works (3.3 percent compared to 2.2 percent in April) and building activity (1.3 percent compared to 1 percent) rose faster. Among Eurozone’s largest economies, construction output increased in Germany (3.8 percent compared to -0.1 percent) and Spain (4.2 percent compared to -2 percent) but fell in France (-4.1 percent compared to 0.4 percent). Monthly, construction output edged up 0.3 percent after a 1.4 percent jump in April.”, Source: Trading Economics.

Construction Output in the Eurozone

As seen from the chart the Construction Output in the Eurozone has been trending up for the past three consecutive months after a very strong reading in January 2018. The forecast is for a yearly reading of 1.6%, lower than the previous reading of 1.8%. A decline is expected also for the monthly Construction Output in the Eurozone with a figure of 0.2% lower than the previous figure of 0.3%.

American Session

Canada: BoC Wilkins Speech, FOMC member Bostic Speech

Time: 12:15, 15:00

The speeches by senior central bank officials are always important for any updated information and statements on current economic conditions and economic projections which can move the forex market.

Pacific Session

Australia: RBA Governor Lowe Speech

Time: 22:00

The Reserve Bank of Australia left the cash rate unchanged at a record low of 1.5 percent for two years running at its August meeting. The speech by the Reserve Bank of Australia Governor could move the Australian Dollar in the event of comments and statements on inflation rate, economic growth, or economic projection on the economy.

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