Canadian Housing and Jobs data takes centre stage as the G7 meets

By The FxPro Analyst Team
FxPro

The G7 meeting is taking place today and tomorrow as world leaders meet to discuss global economic issues. Trade is expected to be a key issue during this meeting on the back of US Trade Tariffs and the retaliatory responses.

At 08:15 GMT, ECB’s Mersch is expected to speak today at a scheduled event. EUR crosses may be affected by any comments made.

At 12:15 GMT, Canadian Housing Starts s.a (YoY) (May) will be released with an expected number of 218K from a previous 214K last month. This data is showing a strong performance with indications that the headline number will beat expectations this month. CAD pairs can see an increase in price movement from this data.

At 12:30 GMT, Canadian Unemployment Rate (May) is expected to be 5.8% against a previous 5.8%. Participation Rate (May) is expected to be 65.4% against 65.4% prior. Net Change in Employment (May) is expected to be 17.5K against a prior -1.1K. Unemployment had fallen to the lowest levels in ten years in December at 5.7% but ticked up slightly in January. The large drop to -88K in the Net Change in Employment data, the largest fall since 2009, stabilized in the last three months and is expected to rebound today after last month’s drop under zero. CAD pairs can see an increase in price movement from this data.

At 17:00 GMT, Baker Hughes US Oil Rig Counts is due to be released with a headline number from last week of 861. As this number creeps higher more and more rigs are coming into operation increasing the supply of oil onto the market and adding downward pressure on prices. WTI Oil fell last week as rig counts increased signalling additional supply in the US market.