Next Week’s Key Economic Events

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Forexyard

The coming week is going to be full of events that will affect the fortunes of the world’s major currencies. So, we’ve compiled a list of next week’s key economic events that will influence Forex markets across the globe, in a bid to give you a ‘heads up’, allowing you to stay one step ahead of the game. There’s will be releases and reports from the US, UK and Europe, which will all affect the value of their respective currency pairs.

On Monday, the US will release their manufacturing Purchasing Managers’ Index (PMI) for July and, following a 2 per cent rise during June, it is expected that a small drop will be recorded, as the figures continue to stabilise. A fall in manufacturing PMI may trigger a fall in the US dollar and may offer profitable short positions for the shrewd Forex trader.

Tuesday sees the Reserve Bank of Australia releasing its key interest rate decision, with ‘no change’ being the general consensus among traders at ForexYard and other trading communities.

On Wednesday, we will hear from the US twice as they release their non-farm employment numbers and their non-manufacturing PMI for June. A small gain is expected for the employment numbers, displaying a continued growth of the private sector, while another small rise of half a per cent or so is expected from the non-manufacturing PMI report. These reports could offer support to the US dollar.

Thursday brings the eagerly anticipated UK interest rate decision from the Bank of England. It is widely believed that the BoE will continue with the ultra-low interest rate as the British economy continues to struggle. The European Central Bank also releases its interest rate decision on Thursday but, unlike the BoE, the ECB is likely to continue with its increase trend. Interest rates directly affect their economies’ currency exchange rates and rate changes in either the UK or Europe will certainly offer trading opportunities to Forex traders who are ready when the news comes in.

We round the week up on Friday when the US releases its non-farm employment rates and their overall employment figures, which are both believed to be beneficial to the US dollar and economy as a whole.

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