By Dan Eduard – Today’s primary news events will be circling the US and Canada at 12:30 GMT since both economies are scheduled to release a series of figures at that time. The US dollar has been climbing steadily since last week as the market looks to this Friday’s release of Non-Farm Payrolls for more certainty and direction in this time of risk aversion.
Today’s leading news events:
12:30 GMT: CAD – Current Account
– The Current Account is a measure of the difference between a country’s exports and imports and acts as one gauge of a nation’s trade balance. Canada’s deficit has grown somewhat worse than forecasted these past few months, and if today’s reading is anything similar we should see the CAD take a minor dive against some of its currency rivals.
12:30 GMT: USD – Personal Spending
– The Personal Spending report is one of the more important data releases for the US economy, but its impact is muted since the Retail Sales report is issued approximately two weeks earlier. Nevertheless, this report measures the percentage change of consumer spending across the United States for the previous month, making it an accurate gauge of consumer confidence, spending, and growth. If this figure comes in line, or higher, than forecasts, we should see the USD continue to gain a bit more in today’s trading.
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