Feb 9 – Today’s Top Economic Events
Arslan Butt • 2 min read
Happy Friday, traders. It’s been an awesome week so far. The FX Leaders team captured some great forex trading signals and we still have one more day to go. The market is likely to offer us some great opportunities after the high impact events from the UK and Canada. Let’s get prepared…
Economic Events Watchlist
Australian Dollar – AUD
RBA Monetary Policy Statement – At 0:30 (GMT), the Reserve Bank of Australia released its monetary policy statement. Why should you care? Because, it provides valuable insight into the bank’s view of economic conditions and inflation, the key factors that will shape the future of monetary policy and influence their interest rate decisions.
Key Outcomes of RBA (Reserve Bank of Australia) Statement
There has not been much change in the economic outlook except, the RBA trimmed near-term unemployment forecast. RBA expects employment to continue to grow, though not as swiftly as it has recently. Consequently, the Aussie is trading under pressure.
Canadian Dollar – CAD
Labor Market Figures – The Canadian labor market figures are very important. I’m expecting more movement upon the release compared to the movement after the policy decisions this week. It looks like the Loonie will remain under selling pressure due to the sentiments about the labor market figures.
Both of the data sets, the Employment Change and Unemployment Rate are expected to downbeat the previous figures. Thus placing pressure on the Bank of Canada to stay dovish with its next policy decisions.
However, after back-to-back gains equaling about 145K jobs for each of the past two months, it may be a time to expect another positive figure.
Eurozone – EUR
Besides AUD and CAD, we may also have some good opportunities in the Euro currency pairs. The French Industrial Production m/m and Italian Industrial Production m/m are likely to underpin the single currency as almost all the data sets are forecasted positive.
That’s all for now, but stay tuned for live market updates and forex trading signals. Good luck from team FX Leaders and have a great weekend.