A rich economic calendar for the forex market today includes a plethora of important economic data to be announced, which can provide volatility and price action in the forex market. Some of the key events are the German Unemployment Rate and the Inflation Rate, the Business Confidence in the Eurozone, the GDP Growth Rate in Canada for the second quarter, the Personal Income and Spending in US and the Unemployment Rate in Japan. With all this economic data to released moderate to high volatility should be expected for the Euro, the Canadian Dollar, the US Dollar and the Japanese Yen.
These are the key economic events for today in the forex market, time is GMT:
Switzerland: KOF Leading Indicator, Germany: Unemployment Change, Unemployment Rate, Inflation Rate YoY, Bundesbank Weidmann Speech, UK: Mortgage Approvals, Gfk Consumer Confidence, Eurozone: Business Confidence, Services Sentiment, Economic Sentiment, Industrial Sentiment
Time: 07:00, 07:55, 08:30, 09:00, 12:00, 23:01
The KOF Swiss Leading Indicator measures future trends of the overall economic activity. Higher than expected figures are considered positive for the Swiss Franc as they can lead to strong economic trend and growth in Switzerland. An unchanged reading of 101.1 is expected.
For the Euro important macroeconomic data about the German economy are to be released which can have an influence on its value relative to other currencies. Lower than expected readings for the German Unemployment Rate and Unemployment Change and higher than expected for the Inflation Rate are considered positive for the Euro, reflecting positive implications for consumer spending which can stimulate economic growth and the presence of inflationary pressures in the overall economy, which may weigh on the ECB to start raising the key interest rate sooner than expected as mentioned recently not until the mid-year of 2019.
“Germany’s annual inflation rate was confirmed at 2 percent in July 2018, slightly below the previous month’s 2.1 percent. Food inflation eased while prices of services and energy rose at a faster pace.”, Source: Trading Economics.
The German Inflation Rate has increased in general in 2018 but there have been two consecutive declines during the past months and an unchanged reading of 2.0% is expected. Also, an unchanged reading of 5.2% and an increase to -8K from -6K are expected for the German Unemployment Rate and Unemployment Change respectively, which can be considered neutral readings to slightly negative readings.
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
GENERAL RISK WARNING
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.