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Forex News – Week Ahead – Series of PMI data to be watched

The week begins with ECB President Mario Draghi speaking before the European Parliament’s economic and monetary committee in Brussels. Following this, markets will focus on data from the United States on existing home sales, which are forecast to show an increase for a fifth straight month in August.

On Tuesday China will be in focus as the HSBC and Markit surveys will show a preliminary reading of Chinese manufacturing Purchasing Managers Index (PMI) for September. The PMI index fell to 50.2 in August, suggesting the world’s second-biggest economy is losing momentum. Other PMI data will also be released, from the Eurozone and the US.

On Wednesday the German IFO business climate index for September will be released. Since Germany is the Eurozone’s largest economy, the data will be closely watched. From the US, new home sales figures are due and are forecast to show they climbed in August as the job market strengthened and buyers took advantage of cheaper borrowing costs.

Thursday begins with a speech by Reserve Bank of Australia Governor Glenn Stevens at the Melbourne Economic Forum. Any hawkish comments will be positive for the Australian dollar.

There will not be any tier-one Eurozone data but focus will be on the US durable goods orders which probably slumped in August after surging in July due a record number of aircraft orders at Boeing Co. Orders excluding planes and military hardware, a proxy of future business investment, probably rose in August. Weekly US initial jobless claims data will also be released on that day.

On Friday important inflation data from Japan are due. The country will report national inflation for August as well as Tokyo September CPI. Stripped of the effects of Japan’s April’s sales-tax increase, the core inflation rate was unchanged at 1.3%in July. Finally, GDP figures from the United States will be released

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