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As this week’s forex market trading session is ending with one more day to go, today there is important economic data for the economies of Switzerland, UK, Australia and US. Plenty of economic news to digest and analyze.

These are the most important economic events in the forex market today to focus on, as they can move the market:

European Session

  1. Switzerland Balance of Trade

Time: 06:00 GMT

The trade balance measures the difference between the total value of Swiss exports and imports, with a trade surplus indicating more exports than imports, and a higher demand for goods and services paid in Swiss Francs, which is positive for the appreciation of the currency.

  1. UK Retail Sales

Time: 08:30 GMT

Higher retail sales indicate higher consumer demand, which translates in higher economic growth measured in terms of GDP. As such, higher or rising figures are positive for the British Pound. The forecast on an annual basis is for a reading of 2.1%, lower than the previous reading of 2.4%, and on a monthly basis the forecast is for a reading of -0.1%, which is much lower than the previous reading of 1.0%.

American Session

  1. US Philadelphia Fed Manufacturing Index and Initial Jobless Claims

Time: 12:30 GMT

The Philadelphia Federal Reserve Manufacturing Index measures the general business and economic conditions of manufacturing sector in the region of Philadelphia, which while having a regional measurement provides insights on broader economic activity in the US. Higher than expected or rising readings are supportive and positive for the US Dollar, with the forecast of a 22.0 reading, lower than the previous reading of 23.8.

The weekly initial jobless claims provide useful insights on the current labor market conditions. In a robust economy lower than expected or declining readings should be the main rule, being a positive factor for the US Dollar. As these readings measure the number of people filing for unemployment benefits for the first time, the lower the readings, the stronger is the labor market. The forecast is for a reading of 240K, lower than the previous reading of 243K.

After the big negative surprise of non-farm payrolls this month, due to the effects of phenomenal hurricanes, the forex market will place weight on the normalization of the weekly readings for initial jobless claims, to provide a more typical trend analysis of the current US labor market.

  1. EIA Natural Gas Stocks Change

Time: 14:30 GMT

Natural Gas Stocks Change is a weekly report released by The Energy Information Administration (EIA) and measures the change in the number of cubic feet of natural gas stored during the previous week. It affects more the Canadian Dollar than the US Dollar, so in this respect any surprise in the figures could potentially move the Canadian Dollar.

Pacific Session

  1. Australia Unemployment Rate, Employment Change and Full Time Employment Change

Time: 00:30 GMT

The unemployment rate is a key economic barometer figure for the local economy and its growth, with declining readings being positive for the Australian Dollar, indicating a higher number of people working and being able to increase their consumer spending, leading to future higher economic growth. Also higher than expected or rising readings of employment change, have the same positive effects on the Australian economy. The forecasts are for an unchanged figure of 5.6% for the unemployment rate, and a reading of 15K for the employment change, which while a positive one, is also lower than the previous reading of 54.2K.

  1. RBA Bullock Speech

Time: 01:10 GMT

A speech by a governor of the Reserve Bank of Australia is always important for insights on monetary policy, economic developments and financial decisions which can have an effect on the Australian Dollar.

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NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
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