These are the most important economic events in the forex market today, which can move the market. From Eurozone industrial production and US labor market and crude oil inventories, to Canada and its housing sector, there are plenty of economic news to focus on.
European Session
- Sweden Inflation Rate
Time: 07:30 GMT
On a monthly basis the inflation rate in Sweden is forecasted to show an increase of 0.4%, higher than the previous reading of -0.2%. An increase is expected also on a yearly basis, which is more reflective of the true inflation rate trend.
- Eurozone Industrial Production
Time: 09:00 GMT
For the month of August the industrial production in the Eurozone is expected to show an increase on a monthly basis with a reading of 0.5%, compared to the previous reading of 0.1%, but on a yearly basis an increase of 2.6%, lower than the previous figure of 3.2%. An increase in the industrial sector production is positive for the Eurozone and the Euro, reflecting higher future GDP growth.
- Russia Foreign Exchange Reserves and Balance of Trade
Time: 13:00 GMT
The number of foreign exchange reserves is important as it can be used as support to avoid extreme currency fluctuations and volatility, while a positive trade balance surplus indicates strong demand for local goods and services, which can lead to the appreciation of the Russia’s currency, Russian Ruble.
- Speeches from ECB and BoE Officials
Time: 13:00 GMT, 14:30 GMT, 19:45 GMT and 20:10 GMT
Speeches about current and future economic situations and monetary policy, economic developments.
American Session
- IEA Oil Market Report
Time: 09:00 GMT
Important insights and statistical data on the oil market, which will be evaluated also later on during the day with the weekly US crude oil inventories, and having the potential to move oil prices.
- G20 Financial Ministers and Central Bank Governors Meeting, IMF/World Bank Annual Meetings
Time: 12:00 GMT
Analysis and focus on global economic developments and factors.
- Canada New Housing Price Index
Time: 12:30 GMT
The Index measures the changes in new houses, reflecting both the state of the housing market and consumer spending on the housing sector. High or rising numbers are positive for the Canadian Dollar as they reflect inflationary pressures in the economy, with increased odds of future interest rate increases by the Bank of Canada and a strong housing market.
- US PPI, Core PPI, Initial Jobless Claims
Time: 12:30 GMT
The Producers Price Index measures the average change in price of goods and services sold by producers and indicates inflationary pressures. The initial jobless claims, reflects the weekly number of persons filed for the first time to receive unemployment benefits. A lower reading is positive for the US Dollar indicating a strong labor market. The forecast is for a figure of 251K, lower than the previous reading of 260K.
- EIA Crude Oil Stocks Change
Time: 15:00 GMT
Weekly reading, which often leads to strong moves for oil prices, and also volatility for USD/CAD pair, especially in the event of strong negative or positive surprises.
- Speeches from Fed and BoC Officials
Time: 14:30 GMT, 19:15 GMT
Same comments as per European Central Banks Officials.
- US Monthly Budget Statement and 30-Year Bond Auction
Time: 17:00 GMT, 18:00 GMT
In general a budget surplus is positive for the US Dollar.
Pacific Session
- Australia Investment Lending for Homes, Home Loans
Time: 00:30 GMT
In general increases in home loans may forecast also growth in the economy, being positive for the Australian Dollar. The forecast is for a monthly figure of 0.5%, much lower than the previous reading of 2.9%.
- New Zealand Business NZ PMI
Time: 21:30 GMT
This reading measures the activity level of purchasing managers in the manufacturing sector, which figures above the 50.0 level indicating expansion and growth, being positive for New Zealand Dollar.
Asian Session
- Japan Tertiary Industry Index
Time: 04:30 GMT
This reading measures the state of services sector in Japan, but for domestic needs, with rising figures being positive for the Japanese Yen, reflecting increased economic and business activity and future economic growth. The forecast is for an unchanged figure of 0.1% on a monthly basis.
