On Wednesday, market participants will be turning their attention to the publication of key indices for the EU countries, the US and Japan as well as to the ECB President Mario Draghi's Speech. Markit Manufacturing PMI for September is due at 10:30 a.m. (GMT+3) in Germany. The same index for the eurozone as a whole is released at 11:00 a.m. (GMT+3). Manufacturing PMI reflects how purchasing managers assess current economic situation and its prospects. Both indicators are expected to decline in September: from 53.3 to 52.8 points in Germany and from 52.3 to 52.0 points in the eurozone. Thus, the pessimism may worsen, but, nevertheless, the index is likely to remain above the key level of 50 points. Retail Sales statistics for July are due at 3:30 p.m. in Canada. This important indicator, used to forecast GDP, is likely to decline from 0.6% to 0.5%, and Retail Sales ex Auto are expected to shrink from 0.8% to 0.5%. These factors may affect the Canadian currency.
At 4:00 p.m., the ECB President Mario Draghi delivers his speech at the hearing by the Committee on Economic and Monetary Affairs of the European Parliament in Brussels. This speech is worth noting as Mario Draghi may comment on the EU monetary policy. At 4.45 p.m. (GMT+3) the US releases Markit Manufacturing PMI for September, which is the leading indicator of the national Manufacturing PMI, due next week. The US index, unlike the EU one, is expected to grow from 53.0 to 53.3 points.
On Thursday night, attention should be paid to Trade Balance statistics for August in New Zealand, due at 01:45 a.m. (GMT+3), and Nomura/JMMA Manufacturing PMI for September in Japan, due at 04:35 a.m. (GMT+3). Analysts forecast a slight decline, but the indicator is likely to remain above the level of 50 points.Publication source