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Today the forex market economic calendar has two major economic events, the GDP growth rate of the Australia and the Bank of Canada monetary decision, which can add increased volatility for the Australian Dollar and the Canadian Dollar.

These are the main economic events in the forex market for today:

European Session

  1. Switzerland Inflation Rate, ECB Non-Monetary Policy Meeting, Germany Factory Orders, Germany Construction PMI, ECB Merch Speech

Time: 07:00 GMT, 08:15 GMT, 08:30 GMT, 09:00 GMT, 10:30 GMTRising figures for inflation, factory orders and construction PMI will be positive for the Swiss Franc and the Euro, reflecting inflationary pressures and expansion in the economic and business activity. The monthly ECB Non-monetary Policy Meeting is important providing insights on decisions such as external economic relations, market infrastructure and payments, supervision of banks which can have an impact on the Euro, as well as the ECB official speech.

  1. Russia Inflation Rate

Time: 13:00 GMT

Any significant increase in the inflation rate for Russia should be considered positive for the Russian local currency, increasing the odds of future interest rate increases to fight the inflation.

American Session

  1. US ADP Employment Change, Nonfarm productivity, Unit Labour Costs

Time: 13:15 GMT, 13:30 GMT

Important fundamental economic data about the US economy with rising number for private employment change and nonfarm productivity being positive for the state of US economy, signaling a strong labor market with increased productivity. Also lower than expected unit labor costs are considered positive for the US dollar as they are viewed as measure of international price competitiveness. The lower the cost, the more competitive is an economy.

  1. BoC Interest Rate Decision, US EIA Gasoline Stocks Change and Crude Oil Stocks Change

Time: 15:00 GMT, 15:30 GMT

The Bank of Canada is expected to leave the key interest rate unchanged at 1.0%, but the forex market will focus on statements about monetary policy and economic conditions, which can influence directly the Canadian Dollar. Half an hour later the Canadian Dollar can move even further as the announcement of US Crude Oil Stocks Change, often moves the oil prices in the event large positive or negative surprises come into play.

Pacific Session

  1. Australia New Home Sales, GDP Growth Rate

Time: 00:00 GMT, 00:30 GMT

The GDP Growth Rate is expected to decline slightly on a quarterly basis to 0.7%, lower than the previous reading of 0.8%, but on a yearly basis a large increase is expected with a figure of 3.0%, much higher than the previous figure of 1.8%. This should be supportive and positive for the Australian Dollar, reflecting a robust and growing economy, something which can be also confirmed by rising figures of new home sales as well.

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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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