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The FxPro Analyst Team

Canadian Unemployment Rate Forecast to Hold Steady at 5.8%

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At 08:30 GMT, Hong Kong Gross Domestic Product (YoY) (Q1) data will be released with a previous reading of 3.4%. This data has been lower since the high of 4.3% achieved in May 2017. HKD pairs could move because of this data release.

At 12:30 GMT, Fed Member Bullard is due to give a pre-scheduled speech. USD crosses could see spikes in volatility during this event.

At 12:30 GMT, Canadian Unemployment Rate (Apr) is expected to be unchanged at 5.8%. Participation Rate (Mar) is also expected to be unchanged at 65.5%. Net Change in Employment (Mar) is expected to be 17.4K against a prior 32.3K. Unemployment had fallen to 5.7% in December, the lowest levels in ten years, but ticked up slightly in January with the large drop to -88K in the Net Change in Employment data, the largest fall since 2009. CAD pairs may see an increase in price movement from this data.

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At 13:00 GMT, BOC Governing Council Member Wilkins is expected to speak in a panel discussion titled “Closing the Gap: How an Inclusive Economy is a More Secure One” at the Women’s Forum for the Economy and Society, in Toronto. CAD crosses may be affected by any comments made.

At 13:15 GMT, ECB President Mario Draghi will speak at the 8th edition of The State of the Union, organized by the European University Institute, in Florence. Comments made may give some insight on current thinking and future monetary policy for the EUR.

At 14:00 GMT, US Michigan Consumer Sentiment Index (May) is expected to come in at 98.5 against a previous 98.8. The March reading was a record high for the index, at 102.0, and a slight slip lower is expected again this time around. USD pairs may react to this data release, which is seen as a barometer of consumer spending.

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At 17:00 GMT, Baker Hughes US Oil Rig Counts is due to be released with a headline number from last week of 834. As this number creeps higher, more and more rigs are coming into operation, increasing the supply of oil and adding downward pressure on prices. WTI Oil can become volatile around this data release and it will be in traders’ minds when trading resumes on Monday.

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