Today the forex market economic calendar is rich, with important economic events related to the US Dollar, the Canadian Dollar and the New Zealand Dollar. These are the most important events from economic calendar that can move the forex market today:
- Switzerland UBS Consumption Indicator
Time: 06:00 GMT
An index measuring consumer spending, with rising readings leading to higher economic growth and possibly inflationary pressures as well and being positive for the Swiss Franc and the Swiss economy.
- France Consumer Confidence
Time: 06:45 GMT
As in the case of Switzerland, higher reading for the consumer confidence are positive for the Euro and the French economy, indicating higher future economic growth. The forecast is for an unchanged reading of 103.0.
- Italy Business and Consumer Confidence
Time: 08:00 GMT
Getting information on various members of the Eurozone, is important as we can get a broader picture about the state of the European economy. Italy is expected to have an unchanged Business Confidence reading of 108.1, and also an unchanged Consumer Confidence reading of 110.8. As always rising readings are positive for the economy of reference and the Euro, so if the actual readings are unchanged they can be considered neutral as to moving the Euro, while any surprise has more potential for adding volatility in Euro related currency pairs.
- US Durable Goods Orders
Time: 12:30 GMT
This economic figure is important for the US economy measuring the change for long-lasting goods, lasting more than 3 years. In a robust economy with increased optimism from businesses and consumers about the future economic outlook, we should expect rising readings for Durable Goods Orders, being positive for the US Dollar, but also sensitive to economic and business cycles. In general rising Durable Goods Orders reflect higher expectations for current and future conditions of the economy. The forecast for the month of August is for a reading of 1.0%, higher than the previous reading of -6.8%. The reading for the Durable Goods Orders excluding transportation expenditures, which provides a less volatile reading for Durable Goods Orders is expected to have a reading of 0.2% on a monthly basis, down from the previous reading of 0.5%.
- US Pending Home Sales
Time: 14:00 GMT
The reading for the month of August is forecasted to be -0.5% on a monthly basis, showing a second consecutive month of decline as the previous reading was -0.8%. The US housing market is very important for the US economy, so signs of weakness or declining numbers in home sales are not positive for the US Dollar, as they reflect future weaker economic conditions.
- Speeches from the Fed officials at 13:15 GMT and 17:30 GMT, and an important speech from the Governor of the Bank of Canada at 16:00 GMT.
The latest speech combined with the release of the weekly US crude oil inventories has the potential to move especially the USD/CAD pair.
- US Crude Oil Inventories
Time: 14:30 GMT
The weekly number for the EIA Crude Oil Stocks is almost always very hard to predict, and in doing so the surprises in its readings offer volatility for the oil prices and the USD/CAD pair. The forecast is for a reading of 2.296M, lower than the previous reading of 4.591M, and if a decline is more than expected then this implies greater demand and is positive for the oil prices.
- Reserve Bank of New Zealand Rate Decision
Time: 20:00 GMT
The forecast is for the key interest rate to remain unchanged at 1.75%. Any increase can lead to the appreciation of the New Zealand Dollar against other currencies and also expectations or statements about future interest rate increases as well.Trade here
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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