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Today there is important economic data in the forex market related to the economies of UK, Eurozone, US and Japan. Also there is the weekly announcement of US crude oil inventories, which could move the oil prices.

These are the most important economic events in the forex market for today:

European Session

  1. ECB President Draghi Speech

Time: 08:10 GMT

A speech by the President of ECB Mario Draghi is always an important event, and the forex market participants will weigh on statements about future monetary policy shift and economic growth, inflation rate prospects, which can move the Euro. Later on there are also some other ECB speeches from officials at 11:45 GMT, and at 14:15 GMT

  1. UK Unemployment Rate, Claimant Count Chance, Average Earnings including Bonus

Time: 08:30 GMT

The forecast for the unemployment rate in the UK is an unchanged figure of 4.3%, and the expectation for the claimant count change is for a reading of 1.0K, higher than the previous reading of -2.8K. The claimant count change measures the change in unemployed people seeking for a job, and rising readings indicate weak labor market conditions, which can have a negative impact on both consumer spending and economic growth. The average earnings including bonus reading is also expected to remain unchanged at 2.1%, while higher readings can be positive for the British Pound, indicating higher consumer spending.

  1. Eurozone Construction Output

Time: 09:00 GMT

A measure of the construction output for the Eurozone, with rising or higher than expected figures being positive for the Euro indicating a growing economy and business expansion in the construction sector.

  1. Russia Retail Sales and Unemployment Rate

Time: 13:00 GMT

Higher readings for retail sales and lower readings for unemployment rate are considered positive for the economy of Russia and its currency, with the forecast of an unchanged unemployment rate at 4.9% and an increase of retail sales to 2.2% on a yearly basis, compared to the previous reading of 1.9%.

American Session

  1. Fed Speeches

Time: 12:00 GMT

Two speeches from Fed Officials at 12:00 GMT, always something to keep a focus on for updated economic and financial information related to the US economy.

  1. US Building Permits and Housing Starts

Time: 12:30 GMT

Two important economic measures of the housing market conditions, with rising numbers being positive and supportive for the US Dollar, reflecting a strong housing market, while building permits are used as a leading indicator and a forecast of US economic growth.

  1. US Crude Oil Stocks Change and Gasoline Stocks Change

Time: 14:30 GMT

The weekly US crude oil inventories can move the oil prices and the USD/CAD currency pair, in the event of large surprises, positive or negative ones. The forecast for crude oil stocks change is for a decline with a reading of -4.750M, which is higher than the previous reading of -2.747M, and in the event of a decline which is more than expected, then this can be considered positive for oil prices, reflecting a higher demand.

Asian Session

  1. Japan Balance of Trade and Exports

Time: 23:50 GMT

A trade balance surplus and rising exports are considered positive for the Japanese Yen, and can lead to its appreciation against other currencies. A trade balance surplus indicates higher exports than imports and strong demand for goods paid in Yen. The forecast is for an increase of the trade balance to 559.80 billion, significantly higher than the previous reading of 113.6 billion, while exports are expected to increase at 14.9%, though at a slower rate compared to the previous reading of 18.1%.

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