Chicago PMI to be Driving Force Behind the USD
October 30th, 2009 Posted in Daily Forex News
10:00 GMT – EUR – Unemployment Rate
- Percentage of total work force that is unemployed and actively seeking employment during the previous month.
- The all-European unemployment rate is based on figures from other countries that have already released their unemployment results. Still, this number is important to Europe’s policy makers.
- The unemployment rate is rising steadily in Europe, edging up 0.1% each month. Also this time, it’s predicted to rise by 0.1%, from 9.6% to 9.7%.
12:30 GMT – CAD – Gross Domestic Product (GDP)
- Change in the inflation-adjusted value of all goods and services produced by the economy. It’s the broadest measure of economic activity and the primary gauge of the economy’s health
- The long months of contraction stopped two months ago with a rise of 0.1% in the GDP. The economy is expected to rise this time by 0.1%.
- This is the most important event for the Canadian economy this week. Any outcome will move the Canadian Dollar.
13:45 GMT – USD – Chicago PMI
– Survey of purchasing managers in Chicago which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories
- It’s a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy.
- Above 50.0 indicates expansion, below this figure indicates contraction.
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Tags: Canadian GDP, Chicago PMI to be Driving Force Behind the USD, Chicago PMU, eur forecast, EUR prediction, EUR Unemployment Rate, USD forecast, USD prediction
