Today’s economic calendar is packed with significant events that could drive market volatility across multiple currencies.
In the Asia-Pacific session, New Zealand’s Electronic Card Retail Sales remained flat at 0.0%, highlighting potential weakness in consumer spending. In contrast, Australia’s employment data posted strong results, with an increase in employment change (+35.6K) and a drop in the unemployment rate to 3.9%, likely providing a boost to AUD sentiment.
The European session will be dominated by central bank activity. The Swiss National Bank (SNB) is expected to cut its interest rate from 1.00% to 0.75%, which could exert downward pressure on the Swiss franc (CHF). Similarly, the European Central Bank (ECB) is anticipated to lower its Deposit Facility Rate and other key interest rates. Markets will be closely watching ECB President Lagarde’s press conference, as her comments are expected to significantly influence euro (EUR) movements.
In the U.S. session, attention will shift to key economic indicators such as jobless claims and Producer Price Index (PPI) data, both of which are forecasted to remain stable. Additionally, the 30-Year Bond Auction will provide insights into investor demand and sentiment toward longer-term U.S. debt instruments.
Meanwhile, in Canada, Building Permits are expected to show a significant decline (-4.8%), which could weigh on CAD sentiment.
Overall, with pivotal central bank decisions and critical economic data releases, today is set to be a volatile trading day. Traders should particularly brace for heightened activity during the European and U.S. trading hours, with notable impacts anticipated on AUD, CHF, EUR, USD, and CAD as markets react to evolving economic and monetary policy developments.
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