In the ever-changing landscape of forex trading, where the values of currencies are in constant flux, a multitude of factors steer the course of the market. Among these pivotal elements, major data releases stand out as key events that wield substantial influence over market sentiments and significantly shape trading decisions. For traders striving to maintain a competitive edge, a vigilant focus on this forex forecast is not just advisable; it is paramount.
As we approach the coming week, forex traders must be aware of the upcoming forex forecast that could impact currency pairs. Here’s a breakdown of key events based on the UTC+4 time zone, sourced from Trading Economics.
Monday (03/06/2024)
05:45 AM: Chinese Caixin Manufacturing PMI
Measures the performance of the manufacturing sector in China. Higher readings indicate expansion and can be positive for global markets, especially those with close trade links to China.
12:00 PM: Euro Area HCOB Manufacturing PMI Final
The final measure of the manufacturing sector’s performance in the Euro Area. Higher readings indicate expansion and can be positive for the euro.
06:00 PM: US ISM Manufacturing PMI
Measures the performance of the manufacturing sector in the US. Higher readings indicate expansion and can be positive for the US dollar.
Tuesday (04/06/2024)
05:30 AM: Australian Company Gross Profits QoQ
Measures the change in the total profits earned by Australian companies on a quarterly basis. Higher profits can be positive for the Australian dollar.
06:00 PM: US JOLTs Job Openings
Measures job openings in the US. Higher readings indicate a strong labor market and can be positive for the US dollar.
Wednesday (05/06/2024)
05:30 AM: Australian GDP Growth Rate QoQ
Measures the quarterly growth rate of Australia’s GDP. Higher growth rates indicate a strong economy and can be positive for the Australian dollar.
05:45 PM: Canadian BoC Interest Rate Decision
Announcement of the Bank of Canada’s interest rate decision. Higher rates can be positive for the Canadian dollar.
06:00 PM: US ISM Services PMI
Measures the performance of the services sector in the US. Higher readings indicate expansion and can be positive for the US dollar.
Thursday (06/06/2024)
05:30 AM: Australian Balance of Trade
Measures the difference in value between exported and imported goods and services in Australia. A higher surplus can be positive for the Australian dollar.
04:15 PM: Euro Area Deposit Facility Rate
Interest rate on deposits held at the ECB. Changes can impact the euro.
04:15 PM: Euro Area ECB Interest Rate Decision
Announcement of the ECB’s interest rate decision. Changes can impact the euro.
04:30 PM: Canadian Balance of Trade
Measures the difference in value between exported and imported goods and services in Canada. A higher surplus can be positive for the Canadian dollar.
04:45 PM: Euro Area ECB Press Conference
Provides insights into the ECB’s monetary policy and economic outlook, impacting the euro.
06:00 PM: Canadian Ivey PMI s.a
Measures the performance of the Canadian economy. Higher readings indicate expansion and can be positive for the Canadian dollar.
Friday (07/06/2024)
07:00 AM: Chinese Balance of Trade
Measures the difference in value between exported and imported goods and services in China. A higher surplus can be positive for global markets.
10:00 AM: Germany Balance of Trade
Measures the difference in value between exported and imported goods and services in Germany. A higher surplus can be positive for the euro.
04:30 PM: Canadian Unemployment Rate
Measures the percentage of unemployed workers in Canada. A lower unemployment rate is positive for the Canadian dollar.
04:30 PM: US Non-Farm Payrolls
Measures the change in the number of people employed during the previous month, excluding the farming industry. Higher readings indicate a strong labor market and can be positive for the US dollar.
04:30 PM: US Unemployment Rate
Measures the percentage of unemployed workers in the US. A lower unemployment rate is positive for the US dollar.
06:15 PM: Euro Area ECB President Lagarde’s Speech
A speech by Christine Lagarde, President of the ECB, potentially provides insights into the ECB’s monetary policy and economic outlook, impacting the euro.
Disclaimer
Forex trading involves risks, and traders are strongly advised to conduct thorough and independent research before making any investment decisions. Market conditions can change rapidly, and it’s crucial to stay informed and adapt to the evolving landscape.
As the upcoming week unfolds, these major data releases have the potential to shape market trends and create trading opportunities. Stay vigilant, stay informed, and may your trading endeavors be met with success.
