By TraderVox.com
Tradervox.com (Dublin) – The greenback has retreated against major currencies around the world as the market’s hopes of super solution in Europe were ignited by Draghi’s comments. Here is a preview of major events expected to shape market sentiments this week.
Tuesday 31
At 1230hrs GMT, the Canadian GDP report will be released showing economic growth for the second quarter. The Canadian economy increased by 0.3 percent in April which was more than the market expectation of 0.2 percent. The growth was attributed to recovery in crude oil, mining, transportation and wholesale. There is an expectation of 0.2 percent growth for the second quarter.
Another report expected to catch the attention of analysts as well as investors on this day is the US CB Consumer confidence data, which will be released at 1400hrs GMT. The June reading for consumer confidence showed a waning trend coming in at 62.0 against a market expectation of 63.8, which was well below May figure of 64.4. The reading was also the lowest since January this year. The market expects a further drop of 0.5 to 61.5 points.
Wednesday 1
The US ADP Non-Farm Employment Change report will be released at 1215hrs GMT. The report has projected an additional of 176,000 jobs in June which was well above the official data of 80,000 released by the Labor Department at the end of the week. This time the market expects the report show an increment of 122, 000 jobs for July. Another report from the US is the ISM Manufacturing PMI which will be released at 1400hrs GMT. The market expects an expansion to 50.4 this time round up from the 49.7 reported in the previous reading. The final report on this day will be the US FOMC Statement which will be released at 1815hrs GMT. The market will be looking for hints on the next set of measures that will be used by the Fed.
Thursday 2
The UK and the Euro-zone rate decisions will be announced on this day at 1100hrs and 1145hrs respectively. There are mixed feelings about the BOE doing more qualitative easing, as the economy has shown signs of deterioration but the onetime events such the Olympics Games and the Jubilee might deter the BOE from acting. In euro zone, the market will expect to see the big moves promised by Mario Draghi, the ECB President last week. If the ECB fails to impress, the euro will plunge. The other major event on this day will be the US Unemployment Claims report which will be released at 1230hrs GMT. The figure is expected to increase to 375k.
Friday 3
The market will receive the official US Non-Farm Employment change which will be released by the Department of Labor at 1230hrs GMT. Most analysts expect that a gain of 100,000 jobs this time round. The Unemployment Rate which will also be announced at the same time is expected to tick higher to 8.3 percent or remain unchanged at 8.2 percent. The US ISM Non-Manufacturing PMI report will be released at 1400hrs GMT where an improvement to 52.2 is forecasted.
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