Today the forex market calendar is full of important economic data related to the health and performance of the manufacturing and services sector for several economies, such as Germany, France, Eurozone, US and Japan. The relative performance of these economies can set new trends depending on the actual figures of these economic reports.
These are the most important economic events in the fore market for today to focus on:
European Session
- France Business Confidence, Markit Manufacturing PMI Flash, Markit Services PMI Flash and Unemployment Benefit Claims
Time: 06:45 GMT, 07:00 GMT and 16:00 GMT
French economic data will be the first to be released providing insights on the state of the economy. These economic reports will provide important insights on economic variables such as output, business activity, export, employment and expectations for activity. For France, the forecasts are for an unchanged Business Confidence, a slightly lower reading of 55.9 for Manufacturing PMI compared to the previous reading of 56.1, and a slightly lower reading of 56.9 for Services PMI compared to the previous reading of 57.0. Lower readings for Unemployment Benefit Claims will also be positive for the labor market in France and supportive for the Euro.
- Germany and Eurozone Markit Manufacturing PMI Flash and Services PMI Flash
Time: 07:30 GMT and 08:00 GMT
Higher than expected or rising readings for the Purchasers’ Managing Index (PMI) are positive for the economies indicating expansion and growth in relevant sectors, such as the manufacturing and the services sector. Also they are positive for the Euro reflecting more optimistic expectations on business and economic activity. For Germany the forecasts are for a marginal lower Markit Manufacturing PMI reading and an unchanged Markit Services PMI reading of 55.6. For the Eurozone the forecasts are for a marginal lower reading of 55.7 for the Services PMI, compared to the previous reading of 55.8, but for a marginal small increase of the Manufacturing PMI Index with a reading of 58.2 compared to the previous reading of 58.1.
American Session
- US Markit Manufacturing PMI Flash, Markit Services PMI Flash and Markit Composite PMI Flash
Time: 13:45 GMT
At 13:45 GMT after the European economic data on the health of the manufacturing and services sectors, the US economic data will be announced. The forecasts are for a higher reading for the Manufacturing PMI Index, with a reading of 53.6, compared to the previous reading of 53.1, and also a higher reading of 55.6 for the Services PMI Index compared to the previous reading of 55.3. As for the Composite PMI Index, Composite PMI is a variation of the purchasing managers’ index that indicates the well-being of both manufacturing and non-manufacturing sectors. Higher or rising readings are supportive and positive for the US Dollar, reflecting increased business activity and higher expectations for increased economic activity.
- API Weekly Crude Oil Stock
Time: 20:30 GMT
A report about the US petroleum demand and inventories of US crude oil and other related products. Surprises in the actual readings versus the expected readings can move crude prices. For instance if a decline in inventories is more than expected, this should be interpreted as greater demand, which is positive for crude prices.
Asian Session
- Japan Nikkei Manufacturing PMI Flash
Time: 00:30 GMT
The expectation is for an increase for the Manufacturing PMI Index, with a reading of 53.1, higher than the previous reading of 52.9, which is positive for the Japanese Yen, reflecting expansion for the manufacturing sector, which is very important for the economy of Japan.
