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Economic calendar (GMT0):
(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)
03:30 Japan Labor Cash Earnings, YoY July -2.5% Revised From -2.4% 0.6%
08:00 Germany Factory Orders s.a. (MoM) July 1.8% Revised From 2.0% -0.6% -1.4%
08:45 France Consumer confidence August 93 94 93
09:15 Switzerland Consumer Price Index (MoM) August -0.6% -0.2% -0.2%
09:15 Switzerland Consumer Price Index (YoY) August -1.3% -1.4% -1.4%
11:00 G20 G20 Meetings
The U.S. dollar traded mixed against the most major currencies ahead the release of the U.S. labour market data. Analysts expect that U.S. unemployment rate is expected to decline to 5.2% in August from 5.3% in July. The U.S. economy is expected to add 220,000 jobs in August, after adding 215,000 jobs in July.
The euro traded mixed against the U.S. dollar after the mostly negative economic data from the Eurozone. Markit Economics released its retail purchasing managers' index (PMI) for Eurozone on Friday. Eurozone's construction purchasing managers' index (PMI) slid to 51.4 in August from 54.2 in July.
A reading above 50 indicates expansion in the sector.
Sales in Germany increased, while sales in France and Italy declined.
"There was some payback, though the PMI indices for year-on-year sales and gross margins remained close to their recent highs, pointing to solid underlying trends," an economist at Markit, Phil Smith, said.
German seasonal adjusted factory orders dropped 1.4% in July, missing expectations for a 0.6% decline, after a 1.8% rise in June. June's figure was revised down from a 2.0% increase.
The decline was driven by a drop in foreign orders. Foreign orders plunged by 5.2% in July, while domestic orders increased by 4.1%.
New orders from the Eurozone rose 2.2% in July, while orders from other countries slid 9.5%.
French consumer confidence index remained unchanged at 93 in August, missing expectation for a rise to 94.
Yesterday's comments by the European Central Bank (ECB) President Mario Draghi still weighed on the euro. He said that the central bank could extend its asset buying programme if needed, adding that the limit on sovereign bond ownership by the central bank will be raised to 33% from 25%.
The ECB lowered its economic growth and inflation forecasts.
The British pound traded mixed against the U.S. dollar in the absence of any major economic reports from the U.K.
The Canadian dollar traded lower against the U.S. dollar ahead the Canadian labour market data. The unemployment rate in Canada is expected to remain unchanged at 6.8% in August.
Canada's economy is expected to shed 4,500 jobs in August.
The Swiss franc traded mixed against the U.S. dollar. Switzerland's consumer price index declined 0.2% in August, in line with expectations, after a 0.1% drop in July.
On a yearly basis, Switzerland's consumer price index decreased to -1.4% in August from -1.3% in July, in line with forecasts. It was the biggest fall since July 1959.
EUR/USD: the currency pair traded mixed
GBP/USD: the currency pair traded mixed
USD/JPY: the currency pair fell to Y118.83
The most important news that are expected (GMT0):
14:10 U.S. FOMC Member Laсker Speaks
14:30 Canada Unemployment rate August 6.8% 6.8%
14:30 Canada Employment August 6.6 -4.5
14:30 U.S. Average workweek August 34.6 34.5
14:30 U.S. Average hourly earnings August 0.2% 0.2%
14:30 U.S. Unemployment Rate August 5.3% 5.2%
14:30 U.S. Nonfarm Payrolls 215 220
16:00 Canada Ivey Purchasing Managers Index August 52.9 52
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