Here are the key factors to keep in mind today for US Dollar trades:
- US GDP: Forex traders will get a second look at the fourth-quarter GDP figure. The initial report showed an increase of 2.2% which missed expectations for an increase closer to 3.0%. Now economists expect the new report to show that the US GDP expanded by 2.4% in the fourth-quarter. Personal consumption is expected to come in at 4.4%. This can be compared to the previous level of 4.2%. The Core Personal Consumption Expenditure Index is expected to remain unchanged at 1.1% and so is the GDP Price Index which stood at an increase of 0.1%. Given that so much rides on personal consumption in the expected upward revision, forex traders may be presented with yet another disappointment.
- University of Michigan Consumer Confidence Index: Economists expect the final reading for the University of Michigan Consumer Confidence Index in March to be revised upward to a level of 92.0 from the initially reported level of 91.2.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese National Consumer Price Index: The annualized Japanese National Consumer Price Index for February was reported at 2.2%. This missed economists’ estimates for a level of 2.3% and forex traders can compare this to January’s level of 2.4%. This was an unwelcome development for the Bank of Japan. Excluding fresh food the Japanese National Consumer Price Index rose only 2.0% in February, missing estimates for an increase of 2.1% and down from January’s level of 2.2%. Excluding food and energy the Japanese National Consumer Price Index rose 2.0% as well, again missing estimates for an increase of 2.1% and below the 2.2% increase reported in January.
- Japanese Household Spending: The Japanese Consumer continued to scale back on household spending which dropped 2.9% in February annualized. Economists expected a contraction of 3.2% which can be compared to January’s plunge of 5.1%.
- Japanese Jobless Rate and Job-To-Applicant Ratio: The Japanese labor market performed mixed in February as the jobless rate decreased by 0.1% to 3.5% from January’s level of 3.6%, but the Job-to-Applicant ratio increased by 0.01 to 1.15 in February from January’s level of 1.14. Both reports matched what economists expected for January.
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
