The euro-zone Minimum Bid Rate, scheduled to take place at 11:45 GMT, is likely to be the dominant force driving markets today. Analysts are unanimous in predicting that the European Central Bank will raise interest rates to 1.25%, a move which is likely to boost the euro above its recent highs against the Japanese yen and US dollar.
Here is a roundup of today’s other main economic indicators:
12:30 GMT- Canadian Building Permits
The monthly Building Permits figure has proven to be an effective gauge of Canadian economic growth and as such, tends to influence CAD pairs. The loonie turned bearish against the dollar yesterday. If today’s figure comes in at the predicted 1.6%, the USD/CAD could stage a downward reversal.
12:30 GMT- US Unemployment Claims
Following last week’s surprisingly positive US Non-Farm Payrolls figure, investors will be closely watching today’s unemployment number. Analysts are predicting a slight decrease in the number of people filing for first time jobless insurance. If the figure comes in at or below the expected 385K, it may help blunt the losses the dollar is expected to take following the euro-zone Minimum Bid Rate.
