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Top 6 Things to Trade Today – Economic Events Outlook, June 27

The global financial markets have traded under immense pressure led by trade war tensions. Today’s economic docket is fully loaded with high impact events including the U.S. core durable goods orders, crude oil inventories, RBNZ monetary policy decision. Let’s discuss the potential impact so we can start getting pips…

Watchlist – Top Economic Events to Watch Today

The greenback remained steady against a basket of currencies despite worse than expected consumer confidence. The Confidence Board’s index sank to 126.4 from a revised 128.8 in May. The index was anticipated to hit 128.1.

GBP – BOE Governor Carney Speaks

At 8:30 (GMT), the BOE Governor Mark Carney is due to hold a press conference about the financial stability Report, in London.  

What’s the Financial Stability Report?

It’s an evaluation of health in the financial system and identifies potential risks to financial stability. Evidence of anxieties and shortcomings in this report can provide insight into the future of monetary policy. As we know, the U.K. is struggling with inflation, which is why it hasn’t hiked the interest rate. Therefore, investors will be monitoring it closely for further clues on the rate hike.

USD – Core Durable Goods Orders m/m

In addition to U.K’s financial stability report, we should monitor the core durable goods orders at 12:30 (GMT). It’s an economic indicator that measures the change in the total value of new purchase orders placed with manufacturers for durable goods, excluding transportation items. The orders are expected to gain by 0.5% which is lower than the 0.9% gain witnessed in May 2018.

Typically, the core durable goods orders show much deviation from the forecast and previous figures, which is very good from a trading point of view. The more it deviates, the more chances we have to capture the price fluctuations.

USD – Crude Oil Inventories

At 14:30 (GMT), the EIA (Energy Information Administration) is expected to report on crude oil inventories. As per economists’ forecast, the data is expected to show a draw of -2.4M vs. -5.9M previously. On Tuesday, the American Petroleum Institute (API) reported a draw of 9.2 million barrels for the week ending on June 22. Fellas, it can be an exciting trade opportunity today.  

CAD – BOC Governor Poloz Speaks

The Bank of Canada Governor Poloz is scheduled to deliver a speech titled “Let Me Be Clear: From Transparency to Trust and Understanding” at the Greater Victoria Chamber of Commerce, in British Columbia at 19:00 (GMT).

I’m only interested to see if he addresses the recent import tariffs, their impact on the Canadian economy and how BOC plans to deal with it.

NZD – Monetary Policy Meeting

Official Cash Rate – At 21:00 (GMT), the Reserve Bank of New Zealand is widely expected to leave the interest rate on hold at 1.75%.

RBNZ Rate Statement – The official rate statement will be worth watching at 21:00 (GMT). New Zealand’s quarterly inflation is at 1.1% in the March quarter, just 0.1% above of targeted range of 1%-3%. So, just like ECB (European Central Bank), the RBNZ is also likely to use the term ”data dependency” to make any changes in the OCR (Official Cash Rate).

That’s it for now and good luck for today!

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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