Here are the key factors to keep in mind today for Euro trades:
- German GDP: Forex traders received the final German GDP revision for the second-quarter today. Economists were looking for no change from the previously released GDP report which showed an increase of 0.4% quarterly and 1.6% annualized and this morning’s report confirmed expectations. German capital investment contracted by 0.4% quarterly which was worse than the 0.3% contraction expected. Forex traders can compare this to the 1.7% increase which was previously reported. German construction investment decreased by 1.2% and German domestic demand contracted by 0.3%. Forex traders can compare this to the increase of 1.8% and 0.6% which was previously reported. German government spending rose by 0.3% and German private consumption increased by 0.2% against expectations for an increase of 0.2% and 0.3%. Forex traders can compare this to the previously reported increase of 0.6% and 0.4%. German exports rose by 2.2% while German imports rose 0.8%. Economists were looking for an increase of 1.8% in exports and 1.7% in imports. Forex traders can compare this to the increase of 1.2% and 1.9% which was previously released.
- German IFO Report: Economists predict that the German IFO Business Climate Index in August will be reported at 107.6. This can be compared to the 108.0 which was reported in July. The German IFO Current Assessment Index is expected to be reported at 113.9 in August which would be the same level as in July. The German IFO Expectations Index is expected to be reported at 102.0 in August which forex traders can compare to the 102.4 which was reported in July.
Here are the key factors to keep in mind today for US Dollar trades:
- US Markit Services PMI: The Markit Services PMI is expected to come in at a level of 55.6 for August. Forex traders can compare this to the level of 55.7 which was reported for July.
- US Consumer Confidence: Consumer confidence is expected to increase in August to a level of 93.4, up 2.5 points as compared to the level of 90.9 which was reported in July.
- US New Home Sales: New homes sales are expected to increase by 5.8% in July monthly after contracting by 6.8% in June.
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