Forex Daily Outlook – December 22nd 2009

Posted on December 22, 2009 by Yohay
Filed Under Daily Forex Forecast | Leave a Comment

We already have a busier day today, with GDP releases from the US, UK and New Zealand, among other events. Let’s see what’s up for today:

European figures start arriving today: the GfK German Consumer Climate is expected to tick down to 3.6 points. This follows similar eases last week. Check out Casey Stubbs’ analysis for this pair, as it struggles in lower ground.

Later, the NBB Business Climate will arrive from Belgium. It’s expected to advance from -8.8 to -4.3 points, still in the negative zone.

For more on this week in the Euro, check out the EUR USD forecast.

In Japan, BOJ Governor Masaaki Shirakawa will be speaking just before Japan goes on holiday to celebrate the emperor’s birthday. Swiss Trade Balance is predicted to show a growing surplus, something that will push the Swissy higher.

British Current Account is predicted to show a smaller deficit, of only 8.1 billion pounds. This is expected to help the Pound rise higher.

At the same time, Final GDP is released in Britain. After the Q3 disappointed with the news of an ongoing recession with a contraction of 0.4%, the revised version showed a better number – a 0.3% contraction. The third and final release is predicted to show that the British economy shrank by only 0.1% in Q3.

For more on the Pound, read the GBP USD forecast.

Also in the US, Final GDP is due. Here, the initial release showed an annual growth rate of 3.5%, but this was revised sharply down to 2.8%. The final release is expected to repeat the revised version – 2.8% growth in Q3.

Later in the US, Existing Home Sales will impact currency trading: they are expected to rise from 6.10 to 6.31 million, after jumping last time.

New Zealand closes the day with its own GDP release for Q3. Growth is expected to accelerate to 0.4%, after a 0.1% growth in Q2. NZD/USD will shake on any result.

That’s it for today. Happy forex trading!

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