Market Brief 8 September: U.K.’s Manufacturing Production Expected
On Friday, we have three major market-moving news from 3 economies. Currencies of the respective countries are likely to be impacted and potential opportunities could occur.
JPY 00:50 a.m. GMT + 1, GDP (QoQ) (Q2) – Gross Domestic Product for the second quarter of 2017 will be the first focus of the day. The number tells us the total value of inflation-adjusted goods and services produced for that quarter. Projections are for a decline at 0.7% versus 1.0% for the previous period. If the actual reading shows better than expected results, this should boost the value of the Japanese yen against the U.S. dollar. On the other hand, if the result is worse off, this should undermine the price of the currency.
GBP, 09:30 a.m. GMT + 1, Manufacturing Production (MoM) (Jul)– a very important number and likely to be a driver for volatility for the pound and all crosses involved. Market analysts foresee an increase in manufacturing activity at 0.3% for the month of July at 0.3% compared to 0.0% manufacturing performance for the previous period. If we see a higher number, this should be seen as a bullish sign for the cable. And, conversely- a strikingly lower performance could hit the currency in a negative manner.
CAD, 13:30 p.m. Employment Change (Aug) – the measurement tells us the change that has occurred in the number of people employed. This change has an impact on consumer spending as well, since the more people are employed, the higher consumer spending. Expectations are for an increase at 19.0K in August versus 10.9K for the month of July. If we see that the news coming out is better than the expected change, this should be read as bullish for the Canadian dollar. And vice versa, if the result surprises with a lower number, this could depreciate the currency and its price.
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