Markets will be focusing today, Wednesday, July 12 on a number of announcements scheduled on the economic agenda, which results usually moves prices. Therefore, until these results are known, traders should be careful in making the right trading decisions.

UK Unemployment Data: The most recent data about from the UK about the workforce, unemployment and number of those seeking unemployment insurance, will be released today, although, most of the focus will most likely be directed towards the wage average data. Bank of England was very shocked to know that the earning data remained very week despite narrow labor market.

Weak wages data should make it harder for the Monetary Policy Committee to raise the rates on the short run, and there are also increasing fears regarding the consumer spending expectations, considering that prices go down in true value. However, if there was a proof that the average income is increasing, there will be another shift in expectations towards raising the rates on the short-term.

It is also important to note that the Statistics Bureau canceled the policy of pre-releasing data to government administrations starting from first of July. Until now, operating data in the UK was very obvious, but will now see a large drop. The GBP direction towards main data will drop significantly, but there will now be the risk of increased volatility on the actual announcement, which was witnessed after the release of the most recent manufacturing production data on Friday. The unemployment in the U.K was at 4.6% in April, however, the wages were stuck at 2.1%, below the inflation rate, which is now stands at 1.8% annually. The unemployment claims in May went to 7.3K, and it is expected to show another increase to over 10K.

Bank of Canada Interest Rates decision: in addition to the rate decision, the Bank of Canada will issue its last report on Monetary Policy, and the governor Poloz will have a press conference after the release. There is been a massive shift in the Bank of Canada during the last few weeks, with main officials suggesting especially positive expectations, epically with the presence of strong data. The central bank is confident that reducing rates in 2015 has done its job now, especially with the oil prices stabilizing. There is also increasing confident that the inflation will rise on the medium-term with the diminishing recession.