On July 18, 2024, several economic data updates were released that could provide valuable insights for forex trading. Let’s take a closer look at the key events and their impact on the market.
Starting with Japan, the Trade Balance for June was reported at -0.89T JPY, lower than the forecast of -0.62T JPY. This could indicate a trade deficit and potentially weaken the Japanese Yen in the forex market.
Moving on to Australia, the Employment Change for June came in at 20.0K, below the forecast of 39.7K. Additionally, the Unemployment Rate for the same month was 4.10%, slightly higher than the expected 4.00%. These figures could lead to some volatility in the Australian Dollar.
In Switzerland, the Trade Balance for June was 5.05B CHF, lower than the previous month’s 5.81B CHF. This could impact the Swiss Franc’s value in forex trading.
In the United Kingdom, the Claimant Count Change for June was reported at 50.4K. The ILO Unemployment Rate for the 3-month period ending in May remained steady at 4.40%. However, Average Earnings, both including and excluding bonuses, showed some decline compared to the previous month. These figures could influence the British Pound in the forex market.
Moving to the Eurozone, the European Central Bank (ECB) kept its Deposit Rate and Main Refinancing Rate unchanged at 3.75% and 4.25%, respectively. This decision was in line with market expectations and may have a limited immediate impact on the Euro.
In the United States, Initial Jobless Claims for the week ending July 12 were slightly higher than forecasted at 225K. The Philadelphia Fed Manufacturing Index for July showed an improvement, coming in at 2.9 compared to the previous 1.3. Additionally, Natural Gas Storage reported a lower-than-expected build of 55B cubic feet. These figures could affect the US Dollar in forex trading.
Overall, these economic data updates provide valuable insights for forex traders, highlighting potential trends and movements in the currency markets. It is essential for traders to stay informed about such key indicators to make well-informed trading decisions.
