What are the main events to look out for today?

Today the calendar is less lively as we will just get some low tier economic releases in the US session. The market will probably trade based on yesterday’s PMIs and it will be interesting to see if it’s going to fade the reaction to the data or we will get a continuation of the moves.

12:30 GMT/08:30 ET Canada Retail Sales

The first major data point will be the Canadian retail sales. The Retail Sales M/M is expected at 0.0% vs. -0.1% prior, while the Ex-Autos M/M measure is seen at 0.1% vs. -0.3% prior. Retail Sales are an important indicator of consumer spending and overall economic activity, but they are not adjusted for inflation and they are generally a volatile data series.

12:30 GMT/08:30 ET US Durable Goods Orders

The US Durable Goods Orders is another very volatile data release and it generally has a low impact on the markets. The Durable Goods Orders M/M is expected at -0.8% vs. 2.6% prior, while the Ex-Transport M/M measure is seen at 0.1% vs. 0.2% prior. The Non Defence Goods Orders Ex-Air M/M is expected at 0.1% vs. 0.2% prior.

14:00 GMT/10:00 ET US University of Michigan Consumer Sentiment (Final)

The final reading on the US Consumer Sentiment survey shouldn’t be market moving unless there are big revisions. This is because the markets generally move the most on new information. The preliminary report was a shocker as it missed expectations by a huge margin.

Central bank speakers:

• 13:35 GMT/11:35 ET Fed’s Waller (neutral – voter)

Waller spoke already just a couple of days ago so it’s unlikely that he will add something new to his prior comments.

This article was written by Giuseppe Dellamotta at www.forexlive.com.