Here are the key factors to keep in mind today for Gold trades:
- Japanese Small Business Confidence: Japanese businesses grew less confident in June as Small Business Confidence dropped to 46.9. Economists expected a small improvement in June to 48.3 from the 48.1 reported in May.
- Chinese Westpac-MNI Consumer Sentiment: Chinese consumers feel slightly more optimistic in June as compared to May. The Westpac-MNI Consumer Sentiment rose to 112.3 in June which can be compared to the 111.1 reported in May.
- Chinese Conference Board Leading Index: The economic outlook for China has improved in May. The Conference Board Leading Index rose to 326.2 in May. Forex traders can compare this to the 322.5 which was reported in April.
- Swiss UBS Consumption Indicator: The Swiss consumer has performed much stronger than economists expected. The UBS Consumption Indicator rose to 1.73 in May which surprised market participants who were looking for a level of 1.21. This can be compared to the upward revised 1.67 which was reported in April; this was originally reported as 1.25.
- German IFO Report: Expectations call for a slightly softer business environment in Germany for June as compared to May. German IFO Business Climate is expected to decrease to 108.1 in June from the 108.5 reported in May. German IFO Current Assessment is expected to decrease to 114.1 in June from the 114.3 reported in May. German IFO Expectations are expected to decrease to 102.4 in June from the 103.0 reported in May.
- US GDP Report: Forex traders will get a revised first-quarter GDP report today. Expectations call for no change to the quarterly contraction of 0.1% which was initially reported, but economists do expected an upward revision to the annualized GDP to a contraction of 0.2% instead of 0.7%. Personal consumption is expected to increase from 1.8% to 1.9% while core personal consumption is expected to remain unchanged at 0.8% for the first-quarter.
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