Sep 3 – Economic Events Outlook – UK’s Manufacturing PMI Up Next!
Arslan Butt • 1 min read
The financial markets are exhibiting very thin trading volume as the US markets are closed in the observance of Labor Day. But we should monitor the UK’s manufacturing PMI and BOJ’s Gov Kuroda speech to catch quick pips in the market. Here’s what to expect from the market today…
Watchlist – Key Economic Events Today
AUD- Retail Sales m/m
The data was due at 2:30 (GMT) with a forecast of 0.3% vs. 0.4%. It’s out now but it has disappointed the market as the sales turnover was relatively unchanged (0.0%) in July 2018. Economists were expecting a growth of 0.3% in July. As discussed in FX Leaders’ update, Aussie plunged as retail sales figure disappoints – Buckle up for a retracement, the AUD/USD dipped earlier but we may have a buying opportunity.
JPY – BOJ Gov Kuroda Speaks
At 6:40 (GMT), the Bank of Japan’s Governor Kuroda is due to speak at a symposium commemorating the 30th anniversary of stock index futures trading, in Tokyo. Being the head of a central bank, his remarks are closely monitored. So, any supporting comments will cause a volatility in the market.
GBP – Manufacturing PMI
Manufacturing PMI is due to be released at 9:30 (GMT). It’s a leading indicator of economic health and 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 manufacturing PMI is expected to slightly drop from 54 to 53.9. But in case of drop up to 50 to lower, there will be a massive selling in the GBP. Stay tuned to FX Leaders economic calendar for live coverage of these economic events. Good luck for today!