Today is July 4th 2016 and it’s the independence day in the US, with the US markets closed. But this doesn’t mean you won’t be able to do Independence day forex trading 🙂
Independence Day Forex Trading – Economic Calendar
In Europe, Spanish unemployment change is scheduled to be released at 7 AM GMT followed by the UK PMI Construction released by the Chartered Institute of Purchasing & Supply and Markit Economics at 8:30 AM.
Euro zone’s Producer Price Index (PPI) is also released at 8:30 AM by the Eurostat.
Later during the New York session Canada’s RBC Manufacturing PMI is released at 1:30 PM GMT, followed by Bank of Canada’s Business Outlook Survey released at 2:30 PM. NZIER Business Confidence released by the New Zealand Institute of Economic Research at 10 PM GMT to end today’s trading.
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What’s going on in the Land down under?
Moving on, the RBA didn’t seem to be all that worried about the Brexit referendum during the June meeting, as revealed by the RBA meeting minutes, and naturally so, since exports to the U.K. historically only account for about 2.49% of Australia’s total exports, so turmoil in the U.K. will sting but won’t directly hurt Australia too much.
However, there was a very interesting jump in export value to the U.K. in March and April, so much so that the U.K. became the third largest export destination in April, accounting for around 8.50% of total exports. Historical data show that there have been jumps in export value to the U.K. once in a while, but it’s rare to see a jump of such magnitude. Not only that, this is the second month running that export value to the U.K. has been way above the 12-month average.
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