Dear Traders,
As we approach a new week, we want to keep you informed about the key economic events that could impact your trading strategies. Understanding these events and their potential effects on the markets can help you make informed decisions and identify trading opportunities. Here’s a detailed look at the upcoming events for the week:
📅 Tuesday, July 23, 2024
✅ 16:00 (GMT +2)
Currency: USD
Importance: ⭐⭐⭐
Event: Existing Home Sales (Jun)
Description: This report measures the number of previously owned homes sold during the past month. A higher-than-expected reading should be taken as positive/bullish for the USD, while a lower-than-expected reading should be taken as negative/bearish for the USD. Traders can use this data to gauge the health of the housing market and its impact on the overall economy.
📅 Wednesday, July 24, 2024
✅ 15:45 (GMT +2)
Currency: USD
Importance: ⭐⭐⭐
Event: S&P Global US Manufacturing PMI (Jul)
Description: The Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion, while below 50 indicates contraction. Traders often use this data to anticipate economic trends and potential shifts in market sentiment.
✅ 15:45 (GMT +2)
Currency: USD
Importance: ⭐⭐⭐
Event: S&P Global Services PMI (Jul)
Description: Similar to the Manufacturing PMI, the Services PMI tracks the performance of the services sector. This data can provide insights into the economic health and potential inflationary pressures, influencing USD-related trading strategies.
✅ 15:45 (GMT +2)
Currency: CAD
Importance: ⭐⭐⭐
Event: BoC Interest Rate Decision
Description: The Bank of Canada (BoC) interest rate decision is a key event for CAD traders. Interest rate changes can influence currency value significantly. A rate hike is typically bullish for the CAD, while a rate cut is bearish. Traders should watch for statements accompanying the decision for future policy clues.
✅ 16:00 (GMT +2)
Currency: USD
Importance: ⭐⭐⭐
Event: New Home Sales (Jun)
Description: This report measures the number of new single-family homes sold. It provides insights into housing market trends and consumer confidence. Positive data can boost the USD, offering potential trading opportunities.
📅 Thursday, July 25, 2024
✅ 14:30 (GMT +2)
Currency: USD
Importance: ⭐⭐⭐
Event: Durable Goods Orders (MoM) (Jun)
Description: This report indicates new orders placed with domestic manufacturers for delivery of hard goods. An increase suggests economic strength and is bullish for the USD. Traders can use this data to predict future economic performance.
✅ 14:30 (GMT +2)
Currency: USD
Importance: ⭐⭐⭐
Event: GDP (QoQ) (Q2)
Description: The Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It’s a comprehensive indicator of economic health. Strong GDP growth is typically positive for the USD, while weak growth can be negative.
✅ 14:30 (GMT +2)
Currency: USD
Importance: ⭐⭐⭐
Event: Initial Jobless Claims
Description: This report measures the number of individuals who filed for unemployment insurance for the first time during the past week. Lower numbers indicate a healthier labor market and can boost the USD. Traders often use this data to gauge economic strength and employment trends.
📅 Friday, July 26, 2024
✅ 14:30 (GMT +2)
Currency: USD
Importance: ⭐⭐⭐
Event: Core PCE Price Index (YoY) (Jun)
Description: The Core Personal Consumption Expenditures (PCE) Price Index measures price changes in consumer goods and services, excluding food and energy. It is the Federal Reserve’s preferred inflation measure. Higher readings can lead to expectations of interest rate hikes, supporting the USD.
✅ 14:30 (GMT +2)
Currency: USD
Importance: ⭐⭐⭐
Event: Core PCE Price Index (MoM) (Jun)
Description: Similar to the YoY measure, this monthly data provides insights into inflationary trends. Traders can use this information to anticipate Fed policy moves and potential impacts on the USD.
We hope you find this information helpful for your trading activities. Stay informed and make the most out of these economic events to enhance your trading strategies.
Happy Trading!
Best Regards,
The Trade245 Team