Today the forex market economic calendar has important economic data about the US labor market, Canadian and Australian housing market, the German trade balance and European Commission forecasts, plus some Japanese economic trends. The forex market participants should expect moderate to high volatility and price action.
These are the main economic events for today in the forex market to focus on:
European Session
- Switzerland Unemployment Rate
Time: 06:45 GMT
The forecast is for an unchanged unemployment rate at 3.0%, a neutral figure, with lower values reflecting a strong labor market, adding to consumer spending, economic growth and the possibility of a rate hike by central banks, which is positive for the Swiss Franc.
- Germany Balance of Trade, ECB Nouy Speech, SNB Chair Jordan Speech and European Commission Forecasts
Time: 07:00 GMT, 08:00 GMT, 10:00 GMT, 16:30 GMT
The German balance of trade is very important as Germany is the largest economy in the Eurozone, and the figure for the trade balance signals the level of demand for Euros, with a trade surplus being a positive factor for the Euro indicating strong demand for goods and services paid in Euros. The speeches by senior central bank officials are important for new updated information on economic conditions, and the forecasts by the European Commission depending on the level of optimism about the Eurozone, can have an influence on the Euro.
- Russia Foreign Exchange Reserves
Time: 13:00 GMT
In general the foreign exchange reserves are used as means for financial and economic stability.
American Session
- Canada New Housing Price Index
Time: 13:30 GMT
The New Housing price Index measures the changes in prices for new houses, with rising or higher than expected figures indicating a strong consumer demand and growth for the housing market, being supportive and positive for the Canadian Dollar. The Index is expected to rise to 0.2%, compared to the previous figure of 0.1% on a monthly basis.
- US Initial Jobless Claims, Wholesale Inventories, EIA Natural Gas Stocks Change, 30-Year Bond Auction
Time: 13:30 GMT, 15:00 GMT, 15:30 GMT, 18:00 GMT
Declining numbers for the Initial Jobless Claims and the Wholesale inventories are positive for the US Dollar, reflecting a strong labor market with fewer people filing for the first time for unemployment benefits, while there is strong consumer demand for goods so inventories unsold are relatively in low levels. Any surprise in the natural gas stocks change can have a significant influence on the natural gas prices, and on the Canadian Dollar. The auction for the 30-year bonds that the US Government will sell, will provide important information on the yield and the demand for US Dollars, as the yield has an inverse relation with the price of the bonds. A strong demand for the bonds will push prices higher, and yields lower.
Pacific Session
- Australia Home Loans, Investment Lending for Homes
Time: 00:30 GMT
As mentioned before for the economy of Canada, rising figures of home loans will signal a robust housing market for the economy of Australia, being positive for the Australian Dollar. On a monthly basis the home loans are expected to increase to 3.0%, compared to the previous reading of 1.0%
Asian Session
- Japan Eco Watchers Survey Outlook and Current, Tertiary Industry Index
Time: 04:30 GMT, 05:00 GMT
These indexes reflect current and future economic conditions and market expectations, with rising figures being positive for the Japanese Yen. Rising numbers show increased sentiment and optimism about the prospects of the economy, a positive and supportive factor for the Japanese Yen.
