June 29 – Economic Events Outlook – GDP Figures On Radar - Forex News by FX Leaders
EU28 leaders have agreed on (summit) conclusions

June 29 – Economic Events Outlook – GDP Figures On Radar

Posted Friday, June 29, 2018 by
Arslan Butt • 2 min read

Happy Friday, traders.

We made it through another exciting week with some great forex trading signals. So far the market has been fully driven by fundamentals, causing some unexpected fluctuations. The leaders of European Union finally reached an agreement on immigration in Brussels.

“EU28 leaders have agreed on (summit) conclusions, including on migration,” the chairman of the talks, Donald Tusk, said.

The investors were expecting them to discuss Brexit but no one really expected that talks would bring an agreement. This is why the Euro and Sterling are on a rollercoaster ride. Fellas, the game has just begun as we have a series of market-moving catalysts from global economies today. Let’s take a look…

Watchlist – Key Economic Events Today

Eurozone – EUR

German Retail Sales is due to be released at 6:00 (GMT) with a forecast of -0.5% vs. 2.3%. The Euro is already up 0.7% this morning and considering the current situation, it’s hard to say whether German retail sales are going to impact the Euro or not. Don’t be surprised if it goes muted as the market has bigger news to price in like EU leaders’ decision on immigration.

CPI Flash Estimate y/y – Similarly, the Eurostat is also in highlights for European CPI data. Inflation figures are forecast to rise at 2% rate, beating the 1.9% rate previously. Historically, the higher inflation figures extend bullish support to the currencies.

Great Britain Pound – GBP

Current Account– The Office for National Statistics is expected to release the current account at 8:30 (GMT). It’s a difference in value between imported and exported goods, services, income flows, and unilateral transfers during the previous quarter. Figures are expected to show a trade deficit of 18.0 billion vs. 18.4 billion in March 2018.

Final GDP q/q – The Office for National Statistics is also expected to release the GDP figure at 8:30 (GMT). The GDP (gross domestic product) is expected to remain unchanged at 0.1% vs. 0.1% in the previous quarter. On the release of the news, Sterling is likely to trade with a bearish sentiment as the BOE (Bank of England) will be forced to keep rates on hold until economic events get better.

Canadian Dollar – CAD

GDP m/m – Likewise, the Statistics Canada is due to release the GDP data at 12:30 (GMT). Traders, it will be really interesting to see how recent tariffs from the U.S. has impacted Canadian productivity. Economists’ expectation is 0.0% down from 0.3%. Looks like Loonie is going to face another dip today.

US Dollar – USD

Chicago PMI – ISM-Chicago, Inc will release the figure at 13:45 (GMT). It’s forecast to drop from 65.7 to 60.1. 

Are you looking to trade this news? 

Well, it won’t be a good idea. Chicago PMI is given to MNI subscribers 3 minutes before the public release time listed on the calendar. The market moves price on the actual news release before it’s even out for you. So, it’s hard to make money over this.

Summing Up – Today’s market can stay extremely volatile as the economic calendar is loaded with top-tier events. So, brace yourself for volatility and try not to take shots before the news releases. Have an awesome weekend!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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