Major Forex Events This Week

By TraderVox.com

Tradervox.com (Dublin) – Despite the encouraging ADP Nonfarm Payrolls indicator showing an unexpected gain in jobs, the official US Nonfarm Payrolls gained less than the market was expecting. An increase of 80,000 jobs was registered against a market estimate of 90,000 jobs. However, this disappointing result did not raise unemployment rate which remained at 8.2 percent. The BOE and ECB rate decision are other events last week that had the most impact on the market. Here is a look at some of the major events to look out for this week.

Sunday 8

Japan Current Account Index will be released at 2350 hrs where an expansion of 0.42T in surplus is expected. Japanese exports have continued to weaken and it has affected the GDP and balance surplus. However, the domestic demand has given the economy relief as it grows stronger. This will be an event that will affect the yen/dollar pair during as the week starts.

Monday 9

At 1230hrs, the ECB President Mario Draghi will make a speech in Brussels where he is expected to discuss the ECD rate decision and he will also touch on Greece and Spain.

Wednesday 11

The US Trade Balance report will be released at 1230 hours GMT. Previous report in April showed a contraction in US trade deficit to $50.1 billion. This was attributed to the slower imports due to the faltering US economy. Further, exports were also affected by the deteriorating economic conditions in China and Europe. Further contraction to 48.6 billion is expected.

Another report on this day will be the US FOMC Meeting Minutes which will be released at 1800hrs. The last meeting held resulted to extension of operation twist. The minutes are expected to reveal the internal discussions that went on during the meeting and they might provide hints on whether a third round of quantitative easing is possible.

Thursday 12

At 0130hrs, the market will receive the Australian employment data. The Australian economy has been impressive, adding 38,900 jobs in May after it added 7000 in April. However, there has been a sudden increase in the unemployment rate to 5.1 percent. The market expects the data to show a small job increment of 300, and the unemployment rate is expected to rise to 5.2 percent. On the same day, the Japanese rate decision will be known after a two day BOJ meeting which will start on July 11 and end on July 12. It is expected that the rate will remain unchanged. The US Unemployment Claims will be released at 1230 while the US Federal Budget Balance will be known at 1800 hrs.

Friday 13

US Producer Price Index will be announced at 1230 hrs.  The PPI for finished goods dropped in May to 1.0 percent after a 0.2 decline in April. It is estimated that a decline of 0.5 percent will be announced this time. UoM Consumer Sentiments from the US will close the week where a decline to 73.5 is expected.

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