These are the most important events for today, which can move the forex market:
Reserve Bank of Australia Rate Decision
Time: 04:30 GMT
The forecast is for an unchanged key interest rate of 1.50%, but expectations and comments for future interest rate increases and any positive surprise with an actual interest rate increase can move the Australian Dollar. Later on today at 09:10 GMT the forex market will focus on the RBA Governor Lowe’s Remarks, which can have an important impact on the Australian Dollar fluctuation against other currencies.
Swiss Gross Domestic Product (2nd quarter)
Time: 05:45 GMT
The overall economic measure of the state of the Swiss economy, the GDP growth for the 2ndquarter of the year is expected to show an increase of 1.0% on a yearly basis, lower than the previous reading of 1.1%, but on a quarterly basis the expected increase of 0.5% is higher than the previous increase of 0.3%. Any positive surprise in the form of higher actual figure, can be positive for the Swiss Franc, which acts as safe-haven currency in recent geopolitical tensions.
UK Markit/CIPS Services PMI (August)
Time: 08:30 GMT
The monthly economic figure measures the business and economic activity for the Services Sector, with readings above the 50.0 level indicating expansion and growth, which are positive and supportive for the British Pound. However the forecast is for a reading of 53.5, marginally lower than the previous reading of 53.8.
US Factory Orders and Durable Goods Orders (July)
Time: 14:00 GMT
These economic readings measure changes in the Manufacturing Sector, and reveal important changes on a monthly basis about the expansion of the Manufacturing Sector and its growth. As Durable Goods Orders are orders for long goods, they reflect also business and economic optimism of the consumers for the future of the economy, with any decreases in the actual numbers being negative indicating a slowdown in the economic growth. The Factory Orders are expected to show a decline of -3.3%, lower than the previous reading of 3.0%, but the Durable Goods Orders are forecasted to show an increase of 1.0%, while the previous reading was -6.8%. Any positive surprises in the actual readings can help the US Dollar to appreciate against other currencies.