This trading week in the forex market has 2 essential elements which can impact the Euro as well as the US Dollar specifically, the uncertainty about German politics and the US Thanksgiving Day on November 23, 2017, Thursday. The German union is now uncertain which could add uncertainty as well as impact the sentiment of forex market participants, as well as their risk assumption. The US holiday at weekend will result in lower liquidity in the forex market, especially for the US Dollar related currency pairs. With lower liquidity, some included volatility could be expected.
These are the major economic events which could change the forex market today:
- Spain Balance of Trade, Switzerland Balance of Trade
Time:09:00 GMT, 07:00 GMT
A trade surplus for the balance of trade is definite, the Swiss Franc and the Euro, showing a larger quantity of exports compared to imports, and also better demand for goods as well as services paid in local currency, which need to lead to the recognition of the currency in the future.
- UK CBI Industrial Trends Orders
Time: 11:00 GMT
A higher than anticipated or rising figure for the UK Industrial Trends Orders is definite for the British Pound, suggesting development for the industrial market. A level of zero suggests growth as well as development.
- Chicago Fed National Task Index, US Existing Home Sales, API Weekly Crude Oil Stock, Fed Yellen Speech
Time: 15:00 GMT, 13:30 GMT, 23:00 GMT, 21:30 GMT
Chicago Fed National Activity Index is utilized to examine financial activity as well as the inflationary pressure within the country. A positive reading of this index represents economic development above the trend. Unfavorable readings imply the economic situation is dragging the development trend during this specific month.
The forecast is for an analysis of 0.20, above the previous analysis of 0.17, which must be encouraging and also positive for the United States Dollar. Existing home sales are a key indicator of the real estate market need, with increasing numbers being positive and helpful for the United States Dollar and also the economic situation, showing a robust economy and existing strong economic conditions.
The API Weekly Crude Oil Stock supply information on the crude stocks and could affect the crude prices as for instance If the rise in crude inventories is more than anticipated, it implies weak demand and is unfavorable for crude prices. A speech from the Fed Chair Janet Yellen is always vital, and also can have an impact on the US Dollar with any type of declarations on economic situations and also financial policy.
- RBA Governor Lowe Speech, RBA Meeting Minutes
Time: 09:05 GMT, 00:30 GMT
The declarations from the Reserve Bank of Australia Minutes as well as the speech of the Reserve Bank of Australia could have an impact on the price action for the Australian Dollar, adding volatility as the Forex market will certainly concentrate on any modifications connected to financial policy, economic growth and situations, like inflation.