Market Brief November 23rd: German Manufacturing PMI due today

23 November, 2017 - 07:55AM

The U.S. is off today as the country is celebrating Thanksgiving Day.

Germany

EUR 07:00 a.m. GMT, German GDP (QoQ) (Q3)- a key measure of growth for the third quarter. Gross Domestic Product is a high-impact catalyst. Projections are for no change at 0.8%, same as for the previous quarter. If the news today shows that the economy is expanding, this should boost the value of the euro. On the other hand, if we see a worse off than projected performance, this could drive down the currency.

EUR 08:30 a.m. GMT, German Manufacturing PMI (Nov) P- the preliminary number has a strong impact on the valuation of the currency. The Purchasing Manufacturing Index measures levels of purchasing managers’ activity in the manufacturing sector. The index gives key insight as to the performance of companies. Market analyst projections show a slight decrease at 60.4 for the month of November, compared to the reading at 60.6 in October.

United Kingdom

GBP 09:30 a.m. GMT, GDP (QoQ) (Q3) P- total output of goods and services adjusted for inflation for the third quarter of 2017, GDP is a major indicator of the health of the economy in the United Kingdom. Projections show no change at 0.4%, same as for the last quarter. If the economy shows an actual increase in performance, this should strengthen the cable. However, if GDP shows a weaker reading today, this could bring down the currency as well.

Canada

CAD, 13:30 p.m. Core Retail Sales (MoM) (Sep)- the indicator measures change in the value of sales at the retail level in Canada with the exception of automobiles. Expectations for the month of September point to an increase at 1.0%, compared to -0.7% for the previous period. If today, the news reading is higher than expected, this should push the Canadian dollar up. If , however, there is a significant miss with a much weaker result, this could put negative pressure on the Canadian dollar.

 

Wishing you Happy and Successful Trading!

 

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