What is it? It checks the interest rate at which the BOE lends to financial institutions overnight.
Short term interest rates are the paramount factor in currency valuation - traders look at most other indicators merely to predict how rates will change in the future.
When? December 4th at 7:00am Eastern Time.
Trading Tip: If the number is higher than the forecast, you can expect the GBP to rise.
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US markets climbed after strong Construction Spending data and auto sales. A speech from the Vice Chairman of the Fed, Stanley Fischer, also rocked markets.
Asian markets were mixed today. The Nikkei climbed 0.32% as the Dollar strengthened further against the Yen, climbing to 119.2.
European markets are mixed today. Markets are awaiting tomorrow’s press conference from the ECB as they expect the bank to increase stimulus measures.
Oil declined after reports that Iraq had made an agreement with the Kurdish government. Worries surfaced that oil production could increase and add even more supply to the market. The price declined despite a report from the API which showed US supplies decreased by a higher amount than expected. The EIA will also be releasing inventory data at 3:30pm (GMT) today.
Gold declined as fears over low oil prices subsided and the Dollar rallied. The metal is currently trading around $1200/barrel as the market searches for direction. Traders should focus on US data later in the session including the ISM Non-Manufacturing PMI and Beige Book release.
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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1) Oil Bounces
Oil prices were clawing back more ground -- rising about 1% to $67.40 a barrel in electronic trade -- after taking a beating following OPEC's decision not to cut production last week. That was seen as an attempt to choke off the US shale boom.
2) Mixed Leads
International markets were giving out mixed signals. European stocks notched modest gains in early trading, with Germany's DAX moving higher while the UK FTSE 100 index dipped.
The UK government is set to announce new economic forecasts, and tax and spending plans.
Asian markets also diverged. Hong Kong's Hang Seng shed 1% while the Shanghai Composite extended recent gains to close at a fresh three-year high.
3) Economic Highlights
It's a light day for economic news. The ADP's monthly employment report is due out at 8:15am. ET, followed by the Fed's Beige Book at 2:00pm ET. The monthly report gives anecdotal information about the economy from the 12 regional banks.
4) Earnings Updates
Retailer Abercrombie & Fitch (ANF) and Brown-Forman (BFA), the maker of Jack Daniel's Tennessee Whiskey, will report earnings before the opening bell. Retailers Aeropostale (ARO), New York & Co (NWY), Pacific Sunware (PSUN) and Tilly's (TLYS) will report after the close
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What is it? It checks the difference in value between imported and exported goods and services during the reported month.
Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation's exports. Export demand also impacts production and prices at domestic manufacturers.
When? December 3rd at 7:30pm Eastern Time.
Trading Tip: If the number is higher than the forecast, you can expect the AUD to rise.
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What is it? It checks the change in the total value of sales at the retail level.
It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity.
When? December 3rd at 7:30pm Eastern Time.
Trading Tip: If the number is higher than the forecast, you can expect the AUD to rise.
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What is it? Governor Poloz is due to speak the Canada Summit, in Toronto.
As head of the central bank, which controls short term interest rates, he has more influence over the nation's currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.
When? December 3rd at 5:30pm Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the CAD to rise.
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What is it? It checks the level of a diffusion index based on surveyed purchasing managers, excluding the manufacturing industry.
It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.
When? December 3rd at 10:00am Eastern Time.
Trading Tip: If the number is higher than the forecast, you can expect the USD to rise.
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What is it? It checks the Interest rate at which major financial institutions borrow and lend overnight funds between themselves.
Short term interest rates are the paramount factor in currency valuation - traders look at most other indicators merely to predict how rates will change in the future.
When? December 3rd at 10:00am Eastern Time.
Trading Tip: If the number is higher than the forecast, you can expect the CAD to rise.
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What is it? It's the primary tool the BOC uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.
When? December 3rd at 10:00am Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the CAD to rise.
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What is it? It checks the estimated change in the number of employed people during the previous month, excluding the farming industry and government.
Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.
When? December 3rd at 8:15am Eastern Time.
Trading Tip: If the number is higher than the forecast, you can expect the USD to rise.
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What is it? Domestic government spending and borrowing levels can have a significant impact on the economy - increased spending generates work for contractors and creates jobs, while borrowing levels impact the nations credit rating and provide insight into the nation's underlying fiscal position.
When? December 3rd at 7:30am Eastern Time.
Trading Tip: This announcement can greatly affect the GBP, make sure to follow it.
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What is it? It checks the level of a diffusion index based on surveyed purchasing managers in the services industry.
It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.
When? December 3rd at 4:30am Eastern Time.
Trading Tip: If the number is higher than the forecast, you can expect the GBP to rise.
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US markets dropped as technology companies declined while Asian markets climbed across the region.
European markets are higher today with energy companies rising. Attention will now turn to Thursday’s European Central Bank meeting. Investors widely expect the bank to introduce new stimulus measures.
Oil dropped to a 5 year low and then rebounded. The decline was caused by OPECs decision to maintain the current rate of output after a period of higher supplies and lower demand. Traders believed that losses were overstated and the price is now trading around $69/ barrel. The API will release inventory data at 9:30pm (GMT) and if supplies are higher once again the price could fall back down.
Gold dropped to a 4 year low but then rallied and climbed 7%. Gains were seen as the stock market declined and the Dollar experienced a sell off. Demand for the safe haven asset also increased after Moody’s downgraded Japans rating igniting fears over the global economy. The outlook for the Metal is still bearish and traders should focus on Yellen’s comments today at 1:30pm (GMT) as she could spark short term volatility.
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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1) German Stocks Rebound
The benchmark DAX index broke back above 10,000 points, a level last seen in July, on growing expectations that the European Central Bank will buy a broader range of assets to get the eurozone economy moving again.
"Additional asset purchases by the European Central Bank in the near future are much more likely," said Christian Schulz at Berenberg. "The question is no longer if, but when and what?"
The ECB is expected to cut its forecasts for growth and inflation on Thursday. But economists are split over whether it will act this week to bolster its stimulus efforts, or wait until early next year.
All other major European markets were moving higher too.
2) Futures Edge Higher
US stock futures were firmer, pointing to a positive start after markets ended down Monday. The Dow lost nearly 52 points, the S&P 500 slipped 0.7%, and the Nasdaq closed 1.3% lower.
The US Census Bureau will report construction spending at 10:00am ET. Restaurant chain Bob Evans (BOBE) will report quarterly earnings after the closing bell.
3) Oil Resumes Slide
After a rebound Monday, world oil prices are falling again in early trade. US crude futures are down 1%.
4) India Holds Fire
The Reserve Bank of India kept interest rates unchanged, surprising some observers who were expecting a rate cut after growth slowed in the most recent quarter.
India's benchmark Sensex index slipped lower, against a trend of firmer markets elsewhere in Asia.
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What is it? It's among the primary tools the RBA Reserve Bank Board uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.
When? December 2nd at 10:30pm Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the AUD to rise.
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What is it? It checks the interest rate charged on overnight loans between financial intermediaries.
Short term interest rates are the paramount factor in currency valuation - traders look at most other indicators merely to predict how rates will change in the future.
When? December 2nd at 10:30pm Eastern Time.
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What is it? It checks the change in the number of new building approvals issued.
It's an excellent gauge of future construction activity because obtaining government approval is among the first steps in constructing a new building. Construction is important because it produces a wide-reaching ripple effect - for example, jobs are created for the construction workers, subcontractors and inspectors are hired, and various services are purchased by the builder.
When? December 2nd at 7:30pm Eastern Time.
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What is it? It checks the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry.
It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.
When? December 2nd at 10:00am Eastern Time.
Trading Tip: If the number is higher than the forecast, you can expect the GBP to rise.
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