Today is a holiday in the US as it is the Thanksgiving Day, but there are several important economic data, related to the Euro, British Pound, Canadian Dollar and New Zealand Dollar. As the liquidity for the US Dollar will be significantly lower than usual trading sessions, we may witness moderate to high volatility for several currencies, both due to the lack of normal liquidity and due to the importance of the data itself.
These are the main economic events for today in the Forex market:
European Session
- Germany GDP Growth Rate, Markit Manufacturing PMI, Markit Services PMI
Time: 07:00 GMT, 08:30 GMT
Higher than expected or rising figures for the GDP growth rate and the Markit PMI Indexes are positive for the German economy, and the Euro, signaling a growing and expanding economy. The forecast for the GDP growth rate is for an increase on a quarterly basis with a reading of 0.8%, higher than the previous reading of 0.6%. The Manufacturing PMI is expected to decline marginally, while the Services PMI to increase marginally, but both indexes are expected to be well above the 50.0 level, indicating further expansion for the sectors, a positive factor for the Euro.
- France Business Confidence, Markit Services PMI, Markit Manufacturing PMI
Time: 07:45 GMT, 08:00 GMT
Business Confidence for France is expected to remain unchanged with a reading of 111.00, while both the Services PMI and Manufacturing PMI are expected to decline marginally. As mentioned for Germany, they are expected to remain well above the 50.0 level, reflecting expansion at a lower growth.
- Eurozone Markit Manufacturing PMI, Markit Services PMI, ECB Monetary Policy Meeting Accounts
Time: 09:00 GMT, 12:30 GMT
The figures for the Eurozone Markit PMI Indexes are expected to show a decline for the manufacturing PMI, and an increase for the Services PMI. The ECB account of the monetary policy meeting is important being a review of financial, economic and monetary developments and policy options, providing insights on future financial market developments, and can have an influence on the Euro.
- UK GDP Growth Rate, Business Investment
Time: 09:30 GMT
The UK GDP Growth Rate is expected to remain unchanged at 0.3% on a quarterly basis, and also unchanged at 1.5% on a yearly basis, while the Business Investment is expected to decline with a reading of 1.4%, lower than the previous reading of 2.5% on a yearly basis. This investment reading is important indicating investment trends and various capital expenditures. These readings can be considered neutral to negative, and can add increased volatility for the British Pound.
- SNB Chair Jordan Speech
Time: 16:30 GMT
The speech of the Swiss National Bank Chair is important for any statements which may indicate changes in monetary policy and economic conditions.
American Session
- Canada Retail Sales
Time: 13:30 GMT
On a monthly basis the Retail Sales are expected to rise to 0.9%, significantly higher than the previous figure of -0.3%, a positive and supportive factor for the Canadian Dollar, reflecting higher consumer spending and future higher economic growth.
Pacific Session
- New Zealand Balance of Trade
Time: 21:45 GMT
The Balance of Trade for the New Zealand is expected to show a trade deficit, which will be narrower compared to the previous figure. Although trade deficits in the balance of trade in general are considered negative for the local currency, this improvement in the trade deficit, can be considered a neutral to positive factor, and there may be a volatile price action for the New Zealand upon the release of the actual data.
