By TraderVox.com
Tradervox (Dublin) – Last week we saw the US jobless claims remain high heightening concerns about the US economy. Moreover, decision to keep Thomas Jordan as the SNB chairman helped to improve investor confidence in the nation’s monetary policy. This week is a busy week for the forex market.
Monday 23
The release of the Chinese HSBC Manufacturing PMI has shown a development in the Chinese economy as it increased from 48.3 to 49.1. A reading above 50 shows that the economy is expanding while below 50 shows deterioration in the economy. This report was released at 0230h GMT.
Another report that is worth looking at is the Markit Economics’ report on German Purchasing Manager Index services. This report was released at 0728h GMT and came in better than the market had projected. The report showed that Germany PMI Services was at 52.6 from previous reading of 52.1; the market was expecting a 52.3 reading for the index.
Tuesday 24
There are two reports that traders ought to keep their eyes on. The US Consumer Board Consumer Confidence report and the US New Home Sales report. The US CB Consumer Confidence report will be released at 1400h GMT and it is expected to show a little decline to 70.1 from 70.2 registered previously. A high level of consumer confidence indicates economic expansion. The US New Home Sales report to be released at the same time is expected to show an increase to 321,000 from 313,000 registered in February. Other reports that are expected to have a considerable impact in the market are the Trade Balance and UBS Consumption Indicator reports from Switzerland.
Wednesday 25
The UK GDP and the US Core Durable Goods Orders reports will start the day at 0830h and 1230h GMT respectively. A 0.1 percent growth in the UK GDP is expected. The US Core Durable Goods Orders is expected to increase by 0.6 percent. The FOMC US rate decision is scheduled to be announced at 1630h and is expected to remain as it is currently.
Thursday 26
The European Monetary Union Economic Confidence for April is expected to be released at 0900h GMT. This report shows consumer confidence in the economic activity for the region. The US jobless claims and Pending Home Sales reports will catch the market’s attention. These reports will be released at 1230h and 1400h respectively.
Friday 27
The US GDP is expected to be the main event for the day. Analysts are expecting that the US GDP grew by 2.6 percent from a 3.0 percent registered in the last quarter.
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