Hello traders , here’s news which could move the currency markets on Wednesday the 5th of March:
- Australian GDP (QoQ) at 00:30 GMT . Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health.Last read was 0.6% .Forecast is 0.7%. Market Impact : A higher than expected reading should be taken as positive/bullish for the AUD, while a lower than expected reading should be taken as negative/bearish for the AUD.
- UK Services PMI at 09:28 GMT . The Services Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the services sector. In general a reading above 50 indicates expansion in the sector; a reading below 50 indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance. Last read was 58.3 ,Forecast is 58.0. Market Impact : A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.
- BoC Interest Rate Decision at 15:00 GMT . Bank of Canada (BOC) governing council members come to a consensus on where to set the rate.Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. Forecast as last rate 1%. Market Impact : A higher than expected rate is positive/bullish for the CAD, while a lower than expected rate is negative/bearish for the CAD.
- US ISM Non-Manufacturing PMI at 15:00 GMT .The Institute of Supply Management (ISM) Non-Manufacturing Purchasing Managers’ Index (PMI) (also known as the ISM Services PMI) report on Business, a composite index is calculated as an indicator of the overall economic condition for the non-manufacturing sector.In general , A reading above 50 percent indicates the non-manufacturing sector economy is generally expanding; below 50 percent indicates the non-manufacturing sector is generally contracting. Last read was 54.0 , Forecast is 53.5 . Market Impact : A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
So this was the Economic Calendar for Wednesday. We’ll be back with our next overview of key events for Thursday,Goodbye..