Weekly Outlook for Forex

Important economic events which could have significant affect on the trading of different currencies for the week ending July 8th, 2011 are as follows:-

On Monday markets in United States remained closed due to observance of the US Independence Day. In Australia data on building approvals, retail sales and change in numbers of jobs advertised was reported.

In euro zone official data on producer price inflation was released while United Kingdom reported the data on producer price inflation and investor confidence. United Kingdom on also published its data on construction sector activity.

Today on Tuesday, United States is to report its official data on factory orders while in euro zone data on retail sales was released. In United Kingdom official report on service sector growth was published. In Japan, data on average cash earnings which is regarded as key indicator for measuring consumer spending was reported.

Australia released official numbers on its trade balance and also published industry data on service sector growth.

On Wednesday, July 6th, 2011, euro zone will report its first quarter’s gross domestic product while Germany will release its official data on factory orders. In United States report on service sector growth will be published by US Institute of Supply Management. Canada will release its data on building permits which is perceived as the key indicator for measuring construction activity.

On Thursday, July 7th, 2011, United States will report its data on non-farm payrolls along with weekly report on initial jobless claims. Japan will publish its government data on core machinery orders on Thursday.

In United Kingdom, official data on manufacturing and industrial production will be released; further Bank of England will also announce its official cash rate. In euro zone, ECB will release it minimum bid rate while ECB President Jean-Claude Trichet will speak at public event and will be closely watched to assess the future direction of monetary policy. Among other European countries, Switzerland will report is official numbers on consumer price inflation while Germany will release its official data on industrial production.

On Friday July 8th, 2011, United Kingdom will report its official data on producer price inflation while in euro zone, Germany will release official data on its trade balance. In United States, several key reports will be published including data on average hourly earnings, non-farm payrolls and overall unemployment rate. Canada will also publish its data on employment change and country’s unemployment rate.

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