Busy week ahead for forex traders

David Hobart

There’s a busy week ahead on the horizon for forex traders.

Next week will begin with a bank holiday in North America on Monday. Canada will celebrate is August Civic Holiday on that day, so there could be some slowdown for traders of North American currency assets.

European action will begin at 5.45am GMT, with a SECO consumer climate release for the third quarter of 2019 from Switzerland. This is expected to show a change from -6 to -10.

Preliminary European nonfarm payrolls for the second quarter of the year will be out of France at 6.45am GMT. This was last recorded at 0.4%.

Spanish Markit services purchasing managers’ index data for July is due out first. A series of other European countries will see similar releases coming out on Monday, at times shortly after the Spanish release.

The equivalent Italian release will come out at 7.45am GMT and is predicted show a change from 50.5 to 50.0

The French version is due at 7.50am GMT and is predicted to show no change from 52.2.

Europe-wide data for the same metric will be out at 8am GMT, and is expected to show a change from 53.3 to 53.4.

The British release will be available at 8.30am GMT. This was last recorded at 52.2.

Over in New Zealand, the employment change rate for the second quarter of 2019 will be out at 10.45am GMT. This is expected to show a shift from -0.2% to +0.5%.

Looking ahead to Tuesday, the Reserve Bank of Australia is set to make its interest rate decision at 4.30am GMT. This was last recorded at 1%. The Bank is not expected to follow in the footsteps of other major central banks around the world, such as the US Federal Reserve, by cutting interest rates. However, it may give some sort of indication as to its future plans in the statement it releases alongside the decision at 4.30am GMT.

In Japan at 5am, the leading economic index for June will be released. This is expected to show a rise from 94.9 to 95.0 when it comes out.

At 4pm GMT, a speech from James Bullard, President of the Federal Reserve Bank of St. Louis, is expected.

Looking ahead to Wednesday, the Reserve Bank of New Zealand is set to make its interest rate decision at 2am GMT. It is believed that this bank will slash interest rates, however, and move them from their current position of 1.5% to 1.25%. There will be a statement at the same time, and then there will be a press conference at 3am GMT.

More central banking action is on the cards at 7.30am GMT, when Benoît Cœuré, who sits on the ECB’s Executive Board, will speak.

At 2pm GMT, the Ivey PMI collated by the Richard Ivey School of Business will provide some indication of economic health in Canada. This index will cover the month of July, and when it was last recorded it was seen at 52.4.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.

David Hobart
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