Here are the key factors to keep in mind today for Gold trades:
- New Zealand ANZ Job Advertisements: The New Zealand labor market is trying to stabilize and according to ANZ Job Advertisements there are some early signs of a potential bottom. ANZ Job Advertisements rose by 0.1% in May month-over-month. This can be compared to the 1.3% contraction reported in April.
- New Zealand ANZ Consumer Confidence Index: The New Zealand consumer grew less confident in June with a 3.2% drop in the ANZ Consumer Confidence Index to 119.9. Forex traders can compare this to the 3.8% contraction which was reported in May.
- Chinese MNI Business Indicator: Business prospects in China have turned around in June according to the MNI Business Indicator which rose to 53.5. This can be compared to the 49.7 which was reported in May. A reading above 50.0 signals expansion while a reading below 50.0 signals contraction.
- Japanese All Industry Activity Index: Economists are looking for an increase of 0.3% in the Japanese All Industry Activity Index for April. This would not be enough to reverse the 1.3% contraction reported in March, but a much needed positive report for the Japanese Yen.
- German Producer Prices: Deflation in Germany is expected to continue, at least as measured by producer prices on an annualized level. Producer prices are expected to show a 0.2% increase monthly in May, but a 1.1% contraction annualized. Forex traders can compare this to the 0.1% monthly increase which was reported in April and the annualized contraction of 1.5%.
- UK Public Sector Net Borrowing: The UK is expected to show an increase in Public Sector Net Borrowing to £10.0 billion in May which would represents a strong increase as compared to the £6.0 billion in Public Sector Net Borrowing which was reported in April.
- Canadian CPI: The biggest market mover today will come out of Canada with the release of the CPI for May. Economists expected an increase of 0.5% monthly and 0.8% annualized. This can be compared to the 0.1% contraction which was reported in April and the annualized increase of 0.8%. The core CPI is expected to increase by 0.3% monthly and 2.1% annualized.
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