Economic Calendar
We have seen some interesting changes on the currency market this week, but let us take a closer look at our economic calendar and what the biggest global events of the week have in store for the market and your investment possibilities in the upcoming few days.
Economic calendar | Most influential global events
You can see on the economic calendar that the USD is experiencing many interesting changes this week, as the ADP employment indicator saw a drop in the amount of employed workers within the United States, which is certainly a negative trend for the dollar. This, coupled with a decrease in stockpiles of crude oil by nearly half and a slight drop in the ISM non-manufacturing PMI leads us to believe that the U.S. dollar might see a bearish few days. Other indicators that also show this drop in USD value are the negative trends in trade balance, a drop in Manager of Managers factory orders, nonfarm payrolls and the trade balance.
Moving on to the pound sterling, there do not seem to be any significant changes in store for the British currency. Any changes it might experience will most likely depend on the decisions made by the Bank of England. Its interest rate decision and its vote for the Monetary Policy Committee, which will then also set the interest rate that it deems helpful to the targeted inflation rate, seem to be going according to set plans and do not appear as if they will change. Thus, the currency rate of the GBP is expected, based on all indicators, to remain largely the same.
There are some interesting and influential events marked on our economic calendar that will directly influence the worth of the Canadian dollar on Friday. Although the unemployment rate is expected to remain at 7.1%, the net change in employment is expected to drop dramatically, from 22.800 to just 5.500, which has significant negative implications for the CAD. Add to that the fact that Ivey School of Business’ Purchasing Managers Index should rise slightly, and the CAD will, in all likelihood, will experience a very interesting end of the week.
The Swiss franc is expected to see some bullish movement tomorrow, as the Swiss State Secretariat for Economic Affairs SECO is showing consumer climate trends that might positively influence the worth of the CHF. In other trends, the euro could very well see some slight negative trends in the following days. Although the balance of traded French goods, based off current indicators, is going to experience a positive trend, the German MoM factory orders are expected to drop by around 2%, at least according to the Deutsche Bundesbank.
Economic calendar | How to use this?
These have been the most important changes in the currency market that are projected to occur in the following few days, courtesy of our economic calendar. If you do not have the time to pore over any other changes in market movements or to analyze charts, we advise that you take a look at Free Binary Options Signals, where you can get well informed if any other significant changes impact the market in the meantime.
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