Market Brief 11 September: Housing Starts from Canada
New week ahead. Monday starts with events coming out from Japan, the EU and Canada. Let’s see what those are.
JPY 05:30 a.m. GMT + 1, Tertiary Industry Acvitivty Index (MoM) – the index is a leadign indicator of economic health. It measures the change in the total value of services bought by businesses. Analyst expectations are for an increase at 0.1% compared to last period’s 0.0%. If the actual news reading is higher than expectations, this should boost the value of the Japanese yen even higher. If, on the other hand, the result is disappointing an worse than projections, this should be read as having a bearish impact on the currency.
EUR, 08:00 a.m. GMT +1, ECB’s Coeure Speaks – Benoit Coeure is a member of the Executive Board of the European Central Bank. Speeches from the member could give indications as to the future policy of the ECB.
CAD, 13:15 p.m. GMT + 1, Housing Starts (Aug) – the event reflects the number of residential homes that started construction during the month of August.Housing Starts is a leading indicator of strength in the Housing Sector. Projections for the month of August are showing consolidated decrease at 216.0K versus 222.3 K. If the actual reading is higher than the projected number, this should be read as a bullish sign for the Canadian dollar. On the other hand, if the readign is strikingly lower, this should be seen as having a negative impact on the currency.
Wishing you Happy and Successful Trading!
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