- Data from Canada could give a chance for CAD to recover from a slump that took place after the BoC meeting yesterday
- The initial jobless claims report is another print from the US labour market this week
- Investors in Europe await the GDP reading for the euro area as well as ECB’s Draghi speech
Data-wise today is a bit calmer, however, there are still a few interesting reports concerning such currencies as USD, EUR and weakened CAD. Moreover, signals from the ongoing Brexit talks and rising tensions in the UK government could steer the GBP today.
10:00 am BST - Eurozone, the second GDP print for the third quarter. The pace of growth in the euro area is expected to remain steady at 2.5% following a similar rate of expansion in the second quarter. However, it’s not usually a big mover for EUR and market reactions could be the same this time.
1:30 pm BST - US, the initial jobless claims for the previous week. It’s another hint ahead of crucial NFP report due on Friday. The reading comes as investors cheered an ADP report released yesterday showing the private sector created more jobs than expected. A health employment growth with a relatively low number of jobless claims is a positive sign for the US dollar, however, given the lack of imminent inflationary pressure, investors look for higher wages and this should be a key issue in Friday’s NFP report.
1:30 pm BST - Canada, building permits for October. The Canadian dollar was hurt yesterday as BoC hadn’t called for immediate rate hikes. Thus, investors interpreted the bank’s statement as dovish. Perhaps, stronger data from housing market could be an argument for tighter monetary policy. Moreover, at 3:00 pm BST we get the Ivey PMI tracking the ongoing economic conditions in the economy. The building permits are seen rising by 1.5% m/m (+3.8% m/m previously), whilst the Ivey PMI is expected to show 63.8.
4:00 pm BST - ECB’s Mario Draghi is slated to deliver a speech at the conference in Frankfurt. New comments from the ECB’s Governor will give investors an update on recent developments in the economic situation in Europe and where the monetary policy is headed.
EURUSD has established a short-term downtrend. The closest support should be located at 1.1758 handle. Source: xStation5
This article is provided for general information purposes only. Any opinions, analyses, prices or other content is provided for educational purposes and does not constitute investment advice or a recommendation. Any research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Any information provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.
Past performance is not necessarily indicative of future results, and any person acting on this information does so entirely at their own risk, we do not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.