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Economic calendar (GMT0):
Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual
01:30 Japan Labor Cash Earnings, YoY July -2.5% Revised From -2.4% 0.6%
06:00 Germany Factory Orders s.a. (MoM) July 2.0% -0.6% -1.4%
The euro advanced slightly against the U.S. dollar after yesterday's decline amid revised forecasts from the European Central Bank. The ECB cut its economic growth and inflation forecasts and signaled that its quantitative easing program might be extended. However market focus shifted back to U.S. jobs data.
A key event today is a closely watched U.S. employment report. Strong data would raise probability of a rate hike by the Federal Reserve this month. If this happens the greenback can rise sharply at first and retreat later amid considerations that the next rates increase would not happen soon. According to a median forecast, the U.S. economy generated 220,000 jobs in August compared to +215,000 in July.
The yen gained. Labor cash earnings data have been published today. Japanese wages rose by 0.6% in July missing expectations for a 2.1% rise. Higher earnings suggest consumption growth, that's why an uptrend in wages is an inflationary factor for Japan.
EUR/USD: the pair fluctuated within $1.1115-35 in Asian trade
USD/JPY: the pair fell to Y119.10
GBP/USD: the pair fell to $1.5225
The most important news that are expected (GMT0):
(time / country / index / period / previous value / forecast)
06:45 France Consumer confidence August 93 94
07:15 Switzerland Consumer Price Index (MoM) August -0.6% -0.2%
07:15 Switzerland Consumer Price Index (YoY) August -1.3% -1.4%
09:00 G20 G20 Meetings
09:00 Eurozone GDP (QoQ) (Revised) Quarter II 0.4% 0.3%
09:00 Eurozone GDP (YoY) (Revised) Quarter II 1.0% 1.2%
12:10 U.S. FOMC Member Laсker Speaks
12:30 Canada Unemployment rate August 6.8% 6.8%
12:30 Canada Employment August 6.6 -4.5
12:30 U.S. Average workweek August 34.6 34.5
12:30 U.S. Average hourly earnings August 0.2% 0.2%
12:30 U.S. Unemployment Rate August 5.3% 5.2%
12:30 U.S. Nonfarm Payrolls 215 220
14:00 Canada Ivey Purchasing Managers Index August 52.9 52
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