The global markets are surprisingly volatile over the ongoing tensions between the US and China. It triggered demand for sfae haven assets and a sell-off in global equities. The US economic events remained mixed, as ADP non-farm soared from 208K to 241K and ISM non-manufacturing slipped to 58.5 vs. 59.5.

Today, the fundamentals side is full of economic events, but there are only a few events which are worth trading today. Let’s take a look…

Top Economic Events Today

Australian Dollar – AUD

Trade Balance

At 1:30 (GMT), the Australian Bureau of Statistics released the trade balance. This is the difference in value between imported and exported goods and services during the reported month. As you know, Australia is heavily dependent upon the trade export of goods. The more they export, the better it is.

The trade balance was expected to be 0.68B vs. 1.06B, which wasn’t good for the Aussie. But better than expected figures of 0.83B are supporting the commodity currency.

Great Britain Pound – GBP

Services PMI

At 8:30 (GMT), the Markit is due to release the services sector purchasing manager index. This is the leading indicator of economic health. Businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy.

The PMI figures are expected to drop from 54.5 to 53.9, which isn’t likely to make a huge difference. A Services PMI above 50 indicates industry expansion, below indicates contraction.

Canadian Dollar – CAD

Trade Balance

At 12:30 (GMT), the Statistics Canada is due to release the Canadian trade balance. For your information, just like Australia, Canada is also an export-oriented economy. Most of their income comes from the exports of Crude Oil but due to increase the supply of Oil and drop in prices, the Canadian trade balance is likely to fall to -2.1B vs. -1.9B previously.

Summing Up – Despite all the economic events discussed above, the market is more likely to follow the technical setups. The idea is to take intra-day positions before the release of US labor market figures tomorrow. Stay tuned for live market updates and forex trading signals. Good luck!