Forex Focus: Weekly Jobless Claims and Philadelphia Fed Manufacturing Index

Good day to all.

There is not much on the European economic calendar today, the USDCHF traders await the Switzerland June trade balance data due at 6:00GMT while at 8:30 the GBP traders will focus on UK June retail sales data and BoE Credit Conditions Survey.

In the U.S. calendar we have the weekly jobless claims data due at 12:30GMT that as always will receive attention given the importance of the labor market to the FOMC. Philadelphia Fed Manufacturing Index will also be released along with Philadelphia Fed Employment and Philadelphia Fed Business Conditions. The Leading Economic Index, month over month, will be released at 14:00GMT while the EIA Natural Gas Storage Change is due at 14:30GMT.

In our central banks speeches today we have Bbk President Weidmann due at 11:00GMT while during the US trading session we have the speeches from FOMC Member‘s Bostic and Williams.

The Bank of Korea earlier today cut its policy rate by 25 basis points to 1.50%, for the first rate cut since 2016 and marks the shift in direction from the rate hike initiated cycle in November 2018.

In Japan the Merchandise Trade Balance Total came in at ¥589.5B beating expectations of ¥420B in June.Don’t miss a beat! Follow us on Twitter.