There’s a new week dawning for the foreign exchange markets, and it looks set to be a busy one in everything from economic data releases in major economies to central banking action.
The only place in which the first half of the week might not be so busy is Canada, where the August Civic Holiday has closed banks.
Elsewhere, there’s a lot of interesting news to come. Monday will see a range of key statistics out of New Zealand, on the subject of the country’s labour market. Its participation rate for the second quarter of the year will be out, and this is due to show a change from 70.4% to 70.5%. Its overall unemployment rate is expected to rise by the same interval, this time from 4.2% to 4.3%. Its employment change for the second quarter of the year is predicted to move from -0.2% to +0.4%. These are due to be released at 10.45pm GMT.
Japan will also have some interesting labour statistics out later. At 11.30pm GMT, it will reveal its labour cash earnings figures for June, which are forecast to show a change from -0.5% to -0.9%.
Looking ahead to Tuesday, Australian trade balance data for June will be out at 1.30am GMT. Exports were last recorded at 4%, while imports were seen at 1%.
This will be closely followed by the big event of the day, which will be the Reserve Bank of Australia’s interest rate statement. This will be out at 4.30am GMT and is expected to show no change from the bank’s most recent position of 1%.
German factory orders data for June will be out at 6am GMT and are likely to show a month on month change from -2.2% to +0.5%. This will be closely watched, and if the change does transpire, will be welcomed by euro traders who are becoming concerned about the state of Germany’s economy after a run of poor releases.
More Antipodean central bank action is due on Wednesday, when the Reserve Bank of New Zealand makes its interest rate decision and announces it at 2am GMT. This is expected to show a cut from 1.5% to 1.25%, a move which would match the decisions of several other major central banks such as the US Federal Reserve.
House price data for July in the UK will be out at 7.30am GMT. The data, released by bank and mortgage lender Halifax, is expected to show a move from 5.7% to 5.4%.
Speeches from a number of central bankers from across the globe are due as well. At 7.30am GMT, for example, there will be a speech from Benoît Cœuré – who sits on the ECB’s Executive Board.
Michele Bullock, who is the Assistant Governor for the Financial System at the Reserve Bank of Australia, will speak at 9.30pm GMT.
Looking ahead to Thursday, Chinese trade balance data is due at 2am GMT. Exports for July are expected to show a change from -1.3% to -2.2%, while imports for the same month are expected to show a change from -7.3% to -7.6%.