Here are the key factors to keep in mind today for Gold trades:
- Australian Westpac Consumer Confidence: The Australian consumer grew a lot more confident in August and the Westpac Consumer Confidence Index rose by 7.8% to 99.5. This can be compared to the 3.2% contraction to 92.2 which was reported in July.
- Australian Wage Cost Index: The Wage Cost Index rose by 0.6% in the second-quarter of 2015 quarterly and 2.3% annualized. This was in line with the quarterly increase of 0.6% and the annualized increases of 2.3% economists were looking for and shows little change as compared to the first-quarter where the quarterly growth rate was 0.5% and the annualized growth rate 2.3%.
- Australian Credit Card Balances: The Australian consumer increased credit card spending in June as credit card purchases rose by A$25.5 billion and credit card balances increased by A$51.5 billion. Forex traders can compare this to May’s credit card purchases of A$23.5 billion and credit card balances of A$51.3 billion.
- Japanese Tertiary Index: Expectations are high for a positive reading out of the June Tertiary Index. Economists expect an increase of 0.1% month-over-month. This compares to the 0.7% contraction which was reported in May.
- UK Employment Report: The ILO unemployment rate is expected to remain unchanged in June at 5.6% and the employment change is expected to come in at -55,000. Forex traders can compare this to the employment change of -67,000 which was reported in May.
- Swiss ZEW Expectations Survey: Economists predict the ZEW Expectations Survey for August to come in at -8.1. This compares to July’s level of -5.4.
- Eurozone Industrial Production: Expectations call for a monthly contraction of 0.1% in June and an annualized increase of 1.7%. Forex traders can compare this to the monthly contraction of 0.4% which was reported in May and the annualized increase of 1.6%.
- US Budget Deficit: The US budget deficit has likely swelled to $126.8 billion in July, according to surveyed economists, which compare to the $94.6 billion budget deficit which was reported in June.
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