Today we have various economic data which may impact the trading conditions of the market. Out of these, Powell’s speech is of vital importance for upcoming trading tod.
US Unemployment Claim data at 6 PM
Measures– The number of individuals who filed for unemployment insurance for the first time during the past week.
Released weekly, usually on the first Thursday after the weekends.
Next Release date: Apr 28, 2022
Although we view it as a lagging indicator, the number of unemployed people is an important signal of overall economic health. Hence, consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country’s monetary policy.
Forecast- 177
Previous- 185
Actual- ?
Impact- The forecast figure seems to be stable for bullion and dollar as there is no major change in the forecast figure.
The actual figure will release at 6 PM.
US Philly Fed Manufacturing data at 6 PM (IST)
Released monthly, on the third Thursday of every month;
Next Release date: May 19, 2022
Economy Indicator– Above 0.0 indicates improving conditions whereas below indicates worsening conditions.
It’s a leading indicator of economic health. Generally, businesses react quickly to market conditions. Moreover, changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment.
Forecast- 21.5
Previous- 27.4
Actual- ?
Impact- The forecast figure seems to be supportive for bullion and negative for dollar and base metals.
The actual figure will release at 6 PM.
Natural Gas Storage at 8 PM
Change in the number of cubic feet of natural gas held in underground storage during the last week.
Released weekly, 5 days after the weekends.
Next Release date: Apr 28, 2022
Inventories are used to maintain price stability during supply shortages and periods of increasing demand.
Forecast- 40B
Previous- 15B
Actual- ?
Impact- The forecast figure seems to be negative for natural gas.
The actual figure will release at 8 PM.
Fed Chair Powell Speaks at 10:30 PM
Due to participating in a panel discussion titled “Debate on the Global Economy” at the Spring Meetings of the International Monetary Fund and World Bank Group, in Washington DC fickleness is experienced.
Furthermore, we may examine volatility during his speeches as traders attempt to decipher interest rate clues. However, as head of the Central Bank, which controls short-term interest rates, he has more influence over the nation’s currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.
Therefore, we will be careful at the time of speech.
Economic data source: Forex Factory.