Today is the day after a Bank Holiday in the UK, and as such there are a lot of economic events, reports and trading data that are going to be announced and released today, and the money markets are bound to be quite buoyant today in the UK too.
As for just which reports are going to possibly have the most effect on the value of Sterling, well there are four that will be of interest to anyone with a passion for Forex trading, and fortunately all of the data reports are going to be released at 09:30 this morning, so the reactions on the money markets and by traders will be known very early on into the day!
The four reports to be aware of are High Street Lending, the Index of Services 3m/3m and the Prelim Business Investment q/q and the Second Estimate GDP q/q.
It should be noted that GBP has been on a downward cycle for quite some time too, and whilst there are no solid economic reasons for it doing so, only the possible effects of Brexit, there is always going to be a chance that it will rebound back in value at any time.
Today’s EU Economic Events
Whilst there are not likely to be any surprises in the economic events from the UK today, there may be some over in the EU that could cause the value of the Euro to dip, and each of the three main reports that will be released will be done so first thing in the morning at 09:00.
Those reports will include the Italian Monthly Unemployment Rate, Private Loans y/y and also the M3 Money Supply y/y which is probably going to be very interesting to read for sure.
US Economic Events
The USA is of course going through something of an economic boom at present and as such the US Dollar has been strengthening up on value against all other major currencies, and it is predicted to continue to do so for quite some time too.
There are five reports that will be released today over in the US that are not expected to contain any surprises, and they are the Prelim Wholesale Inventories m/m, the all important Goods Trade Balance the S&P/CS Composite-20 HPI y/y and both the CB Consumer Confidence report and the Richmond Manufacturing Index too.