U.S. Advance GDP, US Employment Cost and Canada’s GDP are the major event at the end of another trading week. Here is an outlook on today’s events.

In the US, Advance Gross Domestic Product, the main measure of economic activity and growth in the world’s largest economy will bring the preliminary estimate of the U.S. GDP, which is forecasted to be in line with the market’s expectations of slower 2.5% economic growth in Q2 2010, compared with 2.7% in the first quarter while Advance GDP Price Index is expected the same growth rate of 1.1% as in the previous quarter.

More in the US, Employment Cost Index measuring the change in the price businesses and the government pay for civilian labor is forecasted 0.5% rise following 0.6% rise in the previous month.

Finally in the US, Chicago PMI predicted to drop 3 points from June to 56.1 points while Revised UoM Consumer Sentiment based on a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions is foreseen a 1 point rise from 66.5 points and Revised UoM Inflation Expectations expected to remain around 2.9% as in the previous month.

In Canada, Gross Domestic Product, the main measure of economic activity and growth expected to pick up slightly by 0.1% in June from the flat reading of 0% in May.
For more on USD/CAD, read the Canadian dollar forecast.

In Europe, Consumer Prices, the main measure of inflation in the Euro-zone and the European Union’s equivalent expecting inflationary pressures following a brief pullback, estimated to rise by 1.8% y/y in July from 1.4% y/y in the previous month.
More in Europe, German Retail Sales expected to remain flat this month following 0.4% rise in June. Italian Prelim CPI is foreseen a 0.2% rise after no rise in June and Italian Monthly Unemployment Rate predicted 8.8% rise 0.1% more than in June.

Finally in Europe, Unemployment Rate in the Euro-Zone is expected to remain 10%.

For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.

In Switzerland, KOF Economic Barometer index based on 12 economic indicators expected to rise by additional 0.07 points to 2.32 points may have significant impact on the market.

In Australia, Private Sector Credit forecasted a 0.4% rise following 0.5% rise in the previous month indicating consumer’s continue borrowing and spending.

For more on the Aussie, read the AUD/USD forecast.

In Japan, Housing Starts predicted a positive 1.7% increase following 4.6% dip in the previous month.

That’s it for today. Happy forex trading!

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Moderate changes in the major indexes are foreseen in the U.S. and European markets. The GDP and Employment Cost Index in the U.S. open today’s report. Let’s see what awaits us today.

In the US, Advance Gross Domestic Product (GDP), is the earliest GDP release, measuring the annualized change in the inflation-adjusted value of all goods and services produced by the economy, giving us a glimpse into the state of the U.S. economy, is expected to drop from 5.6% to 3.4% while the Advance GDP Price Index, measuring annualized change in the price of all goods and services included in GDP is expected to rise from 0.5% to 0.9% and might increase interest rates.

Later in the US, Employment Cost Index released quarterly, show a small expected increase form 0.5% to 0.6% in labor costs indicating consumer inflation.

More from the US, Chicago Purchasing Managers’ Index, measuring the level of a diffusion index based on surveyed purchasing managers in the Chicago area, is expected a welcome rise of 1.2 points from 58.8 to 60 points indicating a healthy expansion in the market and Federal Reserve Governor Elizabeth Duke delivers a speech titled “Woman and Money: Challenging the Myths” at the Consumer Credit Counseling Services of, in Philadelphia This could affect key interest rates.

Finally in the US, Revised University of Michigan Consumer Sentiment is expected to go up from 69.5 points to 71.2 points and their Inflation Expectations would probably remain around 2.9%.

In Canada, Gross Domestic Product, released monthly, measuring the change in the inflation-adjusted value of all goods and services is expected to drop from 0.6% to 0.5%.

Although Raw Materials Price Index is expected to edge up from 0.4% to 0.9% an indicator of consumer inflation.

More in Canada, Industrial Product Price Index for domestic products, is anticipated a hopeful rise 0.2%, from 0.0% to 0.2%.

For more on USD/CAD, read the Canadian dollar forecast.

In Europe, Consumer Price Index Flash Estimate based on, Eurostat energy prices and EU member states is expected to remain 1.4%. And Unemployment rate is also stable and expected stay 10%.

Also in Europe, Italian Preliminary Consumer Price Index released monthly is expecting a drop from 0.3% to 0.2% a negligible impact on the Euro.

More from Italy, Italian Monthly Unemployment Rate is expected to rise from 8.5% to 8.6%.

In Switzerland, KOF Economic Barometer measuring the level of a composite index based on 12 economic indicators is foreseen a rise from 1.93 points to 2 points. Due to its predictive nature it can make a favorable impact on the Swiss market.

More from Switzerland, Philipp Hildebrand Governing Board Chairman of the Swiss National Bank speaks at he General Meeting of Shareholders, in Bern could affect the local currency and short term interest rates.

For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.

In Australia, Private Sector Credit measuring the change in the total value of new credit issued to consumers and businesses is expected to remain 0.4 %.

For more on the Aussie, read the AUD/USD forecast.

In Japan, Average Cash Earnings, released monthly measuring the total value of employment income is expected to rise from -0.6% to -0.2% which is encouraging news for the market activity.

More from Japan, Monetary Policy Statement, from the Bank Of Japan (BOJ) and a press conference planned to occur, are likely to reveal its monetary policy and impact the currency. The Overnight Call Rate from BOJ concerning interest rate for financial institutions is foreseen to remain 0.10% and the Outlook Report fro the BOJ will provide insight on the bank’s view of economic conditions and inflation which will impact the Japanese market.

Finally in Japan, Housing Starts concerning new residential buildings that began construction is expected a rise from -9.3% to -5.6%.

That’s it for today. Happy forex trading!

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