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 Economic Calendar  Know what will happen next in the financial markets with ForexMart's Forex Economic Calendar.  ForexMart's Forex Economic Calendar is a real-time, customizable, and multifunctional, forex tool that allows traders to be updated with the latest and most relevant market events. All information that could be potentially impact your trading will be listed and analyzed here. A trader that knows more, profits more. Use ForexMart's Forex Economic Calendar and become a better trader today. Â

 Winners for the week July 10 to July 14, 2017. Contest Prizes:  1st Place - 300 USD 2nd Place - 90 USD 3rd Place - 75 USD 4th Place - 70 USD 5th Place - 65 USD 6th Place - 60 USD 7th Place - 55 USD 8th Place - 50 USD 9th Place - 45 USD 10th Place - 40 USD  Â

 The current Money Fall contest has already started on July 31, 2017 and will end on August 4, 2017.  You can register for the next competition which will take place from August 7, 2017 to August 11, 2017  Note: Registration for the next competition finishes 1 hour before the contest starts.

 Japan Household Spending Grew 2.3% in June  Japan’s household expenditure in the previous month accelerated most in 2015 since the available jobs heightened to its fresh 43-year highs. This shows that as the labour market tightens, it helps push wages and consumer spending up in a gradual pace.  Last week, the BOJ retained its monetary policy, however, pushed back again to reach its price goal, underlining the gap between the weak inflation and steady growth. And further emphasized that it may take some time to scale down its massive stimulus.  The Japanese economy grew at an annualized 1.0 percent earlier this year, indicating a consecutive growth for the fifth time on strong exports and expansion in personal consumption. According to analysts, the domestic demand is the main driver for a sustained growth in net exports but would probably reduce growth in GDP for the second quarter.  The positive signs for household consumption consist of 60 percent of the economy and gained 2.3 percent in the year until June, that jumped for the first time after 16 months and acquired the largest annual gain in August 2015. While the median estimate of the economists is 0.6 percent which is further based on the polled data of Reuters by the Ministry of Internal Affairs and Communications issued on Friday.  Moreover, the retail sales gained 2.1 percent in the year to June as shown in another set of data.

 South Korea Growth Outlook Revised to 3 Percent in 2017  The growth forecast of South Korea for 2017 was changed on Tuesday pledged to maintain an expansionary fiscal policy that would boost employment. The projected data is an expansion of 3 percent which is already the quickest since the 3.3 percent three years ago. The latest was revised was higher from the previous 2.6 percent and the Bank of Korea outlook of 2.8 percent.  The rise in global demand of goods supporting growth in the latter six months of the year has progressed which includes fiscal spending worth 11 trillion won ($9.85 billion) as the additional budget on July 22nd. There is high hopes that this would raise growth by 0.2 percent this year as the country’s potential growth rate of 3 percent which seems possible as the government implements reforms towards “consumption-led growth” according to the finance minister. Â

 IMF Cut Growth Forecast for US Economy  The International Monetary Fund downgraded its growth outlook for the United States due to concerns regarding Trump’s capacity to carry out his promises to the economy to stir the American economy.  Although the Washington-based organization provided a positive forecast in April, they had trim it down to 2.1 percent for this year and based on earlier projections for 2018, the US economy will gain 2.3 and 2.5 percent growth.  While the global growth was held at 3.5 percent in 2017 and 3.6 percent for the next year according to the prediction of IMF managing director Christine Lagarde and described it as "quite well anchored".  However, based on the World Economic Update, the IMF mentioned about the uncertainty towards the policies of President Donald Trump since it is a major factor in the leery growth projections for the US.  Pres. Donald Trump got the presidential position six months ago, citing his plans about tax reductions, looser regulation and major infrastructure spending which triggered a rally on Wall Street. But the policies were stalled in the US Congress as the government continues to battle over other issues, like health care reform.

 Technological Advancement Impact to Monetary Policies  Development in the Information Technology sector and rising adaptability of the labor market in the past years has unsurprisingly curb inflation which could significantly affect monetary policy according to the ECB Executive board member Yves Mersch on Monday. He mentioned that advancement in logistics allowed the growth of value chains and e-commerce globally. It has improved the transparency of pricing domestically and across countries.  These modifications in labor sector could indicate that inflation occurs at a quicker rate with a lower employment in the past that affects the relationship between employment and wage growth and eventually affect the monetary policy. Hence, Mersch points out how improvement in technology reacts to “shocks”, the transition from the exchange rate movement into inflation and its influence from the local community towards global advancement and rise in prices.  These raises concern on the efficacy of ECB’s policies to bring back its price growth to its target. Hence, actions are planned for long-term financial management to meet the obstacle come along the way. Although, these policies are deemed to be unnecessary when conditions stabilize.

 RBA Maintained its Rates Amid a Global Rate Hike  One of the top central banks stated that the interest rates of the Reserve Bank of Australia will set to be kept at a record low for some time but some hawks push the currency to drop from a two-year peak. The rate hike was canceled out following the increase of interest rate to 0.75 percent in the previous week according to the deputy governor of Australia. She noted that the RBA doesn’t need to raise their rates when other central banks in the world did which opposes the recovery of the Australian currency after a rise in mining investment for a decade halted. The development of the world economy may be beneficial for the country but it works against the currency.

 The current Money Fall contest has already started on July 24, 2017 and will end on July 28, 2017.  You can register for the next competition which will take place from July 31, 2017 to August 4, 2017  Note: Registration for the next competition finishes 1 hour before the contest starts.

 Higher than Expected UK Retail Sales in June -ONS  According to the latest reading on the strength of the UK consumer, it shows an optimistic stance. As shown in the most recent retail sales data issued by the Office for National Statistics (ONS), the sales increased by 0.6 percent in June, exceeding expectations of 0.4 percent while there is a 1.1 percent decline in May.  Increased in the area of spending, except in fuel products, were recorded with the largest expansion in sales particularly in household goods stores. While shoes and clothing performed better as well.  The clothing sales in some parts of the United Kingdom came in above average in June, however, the north of the border was failed to boost.  Based on the figures presented by the Scottish Retail Consortium (SRC) earlier this week, it indicates a total increase in sales by only 0.2 percent in June while the sales for non-food items fell by 4.2 percent.  The quarterly trend in UK created by ONS shows that retail sales surged by 1.5 percent in the three months to the end of June, that eliminated the 1.4 percent downturn during the Q1 of 2017.

 Loose Monetary Policy of ECB Proposed by Villeroy  The European Central Bank is in the process of curbing inflation to attain the two percent inflation target but ECB policy maker Francois Villeroy de Galhau pointed that a monetary easing is still needed. He said that the risk of deflation has been cleared despite the fact the target inflation is still a long way to go. Thus, he concluded that an “accommodative monetary policy” implying that their decision is relative to the economic condition of the economy moving towards the target rate.

 Forecast of Fed’s Easing of Balance Sheet to Raise Rates on Q4  The U.S. Federal Reserve intends to curtail its balance sheet estimated $4 trillion or more in September according to the Reuters poll. It still in the track of what the Fed hinted in the past few weeks despite there is no congruence when it comes to inflation which is deemed to be essential as it could influence the future interest rate hikes.  Last month, it is predicted that Fed would raise its rates by September but this was recalibrated and moved for another month with the outcomes of the latest polls saying that fed funds rate would increase by 1.25 to 1.50 percent by the end of the year. Also, the financial market is positioning only 43 percent probability of 25 basis point rate hike for December which is currently high considering the weaker U.S. inflation data.  As the Fed is being idle regarding its rates, about two-third of economists are expecting the central bank to ease up its bond portfolio in September and only a few foresee the central bank to loosen up its plan on July 25 and 26. Predominantly, they are saying the Fed will hold out on monetary policy at the meeting.

 Yellen Assessed US Economy Growth Target  Fed Chair Janet Yellen said on Thursday that the 3 percent target of the current administration of Trump is “quite challenging” to cope with.  US President Donald Trump pledged during his campaign in 2016 to improve the economic growth by 4 percent, however, the officials trimmed it down to 3 percent and claimed that it might take some time to complete.  Moreover, Yellen mentioned that is  "very disappointing," and gave a forewarning that the potential growth of the American economy is now lowered to 2 percent. The chairwoman was asked if it's still possible for the country to gain its three percent goal in the next five years and she answered,  "I think it would be quite challenging."  She further stated that higher growth rate requires a great increase in productivity growth which is currently at 0.5 percent, hence, an extreme surge is needed to accelerate and at least few points are regarded as significant.  During the second day of her semi-annual testimony, she said to the Senate Banking Committee that the 3 percent expansion would be wonderful and she’d love to witness it.  The incumbent Chair of the Board is scheduled to end her term on February 3, 2018, if President Trump did not reappoint her for another 4-year term.  Yellen also underlined the things that hamper productivity growth which is related to the dilemma of company reports about looking for qualified laborer, emphasizing the urgency to focus on training worker and further education.

 Argentina’s National Index Rose 1.2 percent in June  In Argentina, consumer prices climbed to 1.2 percent for the month of June according to the national statistics agency NDEC on Tuesday, which is the first time the country has published a national index since the start of President’s Macri office. This is regarded as a “milestone” to rebuild the credibility of the country’s official statistics following the accusation of statistical manipulation. The IMF has lifted its disapproval to the statistics agency.  Previously, the inflation in the greater Buenos Aires area was 1.4 percent in June and 21.9 percent in the past year. Come the first six months of the year, the consumer price increase by 11.8 percent countywide and 12 percent in the area.  The central bank stated that the national index will now be the basis for monetary policy and kept its benchmark interest rate at 26.25 percent on Tuesday but still maintain the inflation target within the 12 to 17 percent.  Economists forecast of national inflation will be at 21.5 percent this year.

 Emerging Markets and Bonds Selloff Continues  The U.S. dollar against the Japanese yen reached a four-month high while both the bonds and the emerging market currencies are under pressure once again on Tuesday. There are looking for higher interest rates in expanding number of major economies.  There are higher expectations as the MSCI world index is steadily progressing as it rose for a third day although it declined after the Europe stock market dropped. This staggered as the bonds yields from euro zone continued its uptrend in March but halted on Monday as the market turned its attention to the monetary tightening of large economies globally.  The Federal Reserve aims to adjust the large collection of bonds to ease the financial crises where speeches were given on Wednesday while the both the ECB and BoE officials are scheduled to talk on Tuesday. They are divided on whether to proceed with a rate hike yet the overnight index swaps market are priced high and 80 percent probability for a second rate hike by the end of the year.

 Oil Recovered As Bonds Progressed  Oil improved after a sharp decline and both of the European stocks and bonds were in the red on Thursday as the market awaits for the ECB minutes. This would determine the next actions of the central bank. Although, the Fed Reserve showed mixed signals on Wednesday. Bond yields climbed higher again as the benchmark of U.S. Treasuries rose more than 2.34 percent which increased the global borrowing rates.  The market was caught in between the ambiguous results from FOMC minutes and the U.S. employment statistics on Friday. The beginning of G20 summit has been the center of attention after the long-range missile test this week launched by the North Korea.

 Central Bank of Denmark Probable Membership in E.U. Banking Union  The central bank of Denmark has taken into account on a positive note its participation to the European Union's banking union. The government has decided to launch a review according to the central bank on Tuesday.   This is a significant step from the country as the focus which would be the could lead to a final decision when the Brexit has already been concluded come autumn of 2019. At the same time, this would help the Nordic country in consideration as the financial center.

 The current Money Fall contest has already started on July 3, 2017 and will end on July 7, 2017. You can register for the next competition which will take place from July 10, 2017 to July 14, 2017  Note: Registration for the next competition finishes 1 hour before the contest starts.

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 IMF Cuts Growth Forecast for US Economy  The International Monetary Fund watered down its economic outlook for the United States due to the high level of risk regarding the plans of current president Donald Trump in boosting growth in the economy. According to their forecast, U.S will gain an annual rate of 2.1 percent for this year which is a positive increase compared with 1.6 percent recorded in 2016, however, it is comparatively lower to 2.3 percent estimate on April.  The Washington-based organization also cut its forecast for 2018 saying that the country will have a hard time in reaching the 3 percent target determined in the first budget of the president. The latest growth numbers are part of the annual review made by the IMF to the American economy which is released on June 27. Report says the forecast was trimmed down because it was clearly stated that various parts regarding the expenditure project and administration tax are still ambivalent.  With these concerns, the institution said that the final decision is made in order to abate any assumptions concerning the programs of Trump will get the Congress approval and rather to work with predictions that ongoing policies will remain consistent.  Based on IMF’s projections, the yearly GDP growth is 2.1 percent for 2017 and 2018 and this will decrease by 1.9 percent by 2019 while in the year 2020 it will only reach 1.8 percent.

 Sluggish Growth Prediction for Developed Countries  A U.S. central banker forewarned that advanced economies and financial institutions in the United States will face a slower economic growth for long-term unless fiscal officials do something to counter this. Although, this comes surprisingly since the Federal Reserve just increased its interest rates earlier this month and intend to do more rate hikes gradually to prevent overheating of the economy. This also indicates positive growth of the economic outlook.  Federal Reserve president John Williams said that this optimism will only last for short-term and will change over time. With the sluggish growth, this gives a hard time for monetary policymakers to curb inflation and sustain full employment. This leaves the central bank with no choice but to rate hike since low growth trims the demand for investment and further push down the interest rates. Â

 US Stocks Plunge after Brent Crash  The majority of US stock prices crashed on the back of an ever-worsening bout of slump on both industrial and oil shares, eclipsing recent price rallies caused by growth in biotech and aviation technology companies. Brent crude prices dropped to just under $45 per barrel and is now at par with WTI in terms of living with a highly bearish market as US stockpiles continue to be above average and Libya resumes its production. The US dollar also subsequently dropped in value while US Treasury yields did not exhibit any major changes after it was able to regain its losses.

 Job Creation in Australia Reached 42,000, Unemployment Rate Slowdown by 5.5% in May  Australia created additional jobs with a total of 42,000 which exceeded the expectations of 10,000 as indicated in the roughly calculated poll led by Reuters, disclosed by the Australian Bureau of Statistics on Thursday. However, the number of unemployed for this month accounts to 5.5 percent which came in lesser than predicted 5.7 percent.  The Aussie dollar further gained strength after releasing the current employment data of the Australian economy at exactly 9:30 HK/SIN while the exchange rate against its American counterpart is greater by 0.5 percent.  The employment figures appeared to be volatile but the rate in the past few months showed some development within the labor sector, said by Steven Milch, the chief economist of Suncorp. Mr. Milch also mentioned that the number remained stable for the third consecutive month and much stronger than their anticipated figures.  In case that the trend will continue, it will also increase the wages which could reinforce the reflection of the RBA towards the economy as a “half empty glass”. This shows that the Reserve Bank of Australia is not probable to revise its policy anytime.  The central bank announced that earlier this June the labour market indicators will remain mixed, keeping its benchmark cash rate on hold at a record low of 1.5 percent. The financial institution also noted that the slackening of real income will curtail the growth in household spending.

 Italy and Qatar to Continue Economic Ties  Countries, Italy and Qatar decided to maintain their deal regarding close integration on economy and finances. Even the decision of some Arab Countries along with Saudi Arabia and the United Arab Emirates is to break diplomatic, travel and trade agreement with Qatar.  The consensus was succeeded by a meeting between Italian Economy Minister Pier Carlo Padoan and Qatari Finance Minister Ali Sherif Al-Emadi held in Rome on Monday.  The two countries said in a joint statement that they discussed the ties in a very friendly atmosphere in accordance with its outstanding relationships on economics and politics  The visit of Al-Emadi in Italy is part of the leader’s European tours, hence he will also go to Berlin, London, Paris, and Washington.  The sovereign states of Arab which include Saudi and UAE ended its agreement with Qatar in the past week, they believe that Doha supports the finances of Iran together with other Islamist groups, but Doha refuted this accusation. While al-Elmadia stated earlier on Monday that his country is able to protect its economy against these charges.  In an interview with CNBC, he further mentioned that those countries that inflicted such sanction have the tendency to lose money due to the damage it wrought in the business sector of the region.  "A lot of people think we're the only ones to lose in this ... If we're going to lose a dollar, they will lose a dollar also," the leader added.

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