Forex Daily Outlook – December 8th 2009

Posted on December 8, 2009 by Yohay
Filed Under Daily Forex Forecast | 5 Comments

No significant American indicators are predicted today, but elsewhere, the calendar is busy: a rate decision in Canada, Final GDP in Japan, and the unofficial but accurate GDP estimate in Britain. Let’s see what’s up for today:

Image credit: Vlastula on Flickr

British BRC Retail Sales Monitor start the day. After a rise of 3.8% last time, a more modest advance is expected. Later in Britain, Manufacturing Production is expected to rise by 0.5%, less than last time’s rise of 1.7%.

British CBI Industrial Order Expectations are predicted to edge up to -42, still in the negative zone. The more interesting event in my opinion is the NIESR GDP estimate. This institute foresaw the ongoing recession in Britain, contrary to many economists’ estimations.

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

In Australia, Current Account is expected to show a bigger deficit this time, of 16.7 billion. Also note the NAB Business Confidence, which has reached 16 points last month, expressing optimism.

Glenn Stevens, the head of Australia’s central bank, will make a public appearance, and may say something about the next moves regarding interest rates, after raising the rates three times in a row.

On the other side of the day, the Westpac Consumer Sentiment is released and provides a look from the consumer side. For more on the Aussie, read the AUD/USD forecast.

In Europe, a day after German Factory Orders disappointed by falling by 2.1%,  the continent’s largest economy publishes its Industrial Production, which is predicted to rise by 1.1%, following a 2.7% rise last month.

For more on the Euro, read the EUR USD Forecast.

In Canada, Housing Starts are predicted to edge up to 158K, 1000 more houses than last month. This is a quick warm up the rate decision.

Mark Carney’s Bank of Canada is expected to leave the Overnight Rate unchanged at 0.25%. The wording of the BOC Rate Statement will be critical. Will the BOC repeat the statement about not moving the rates till the end of Q2 2010? Last month’s repeat was disappointing, and sent the loonie down.

For more on USD/CAD, read the Canadian dollar forecast.

And just before the end of the day, Final GDP will be published in Japan. The initial read of a 1.2% growth rate is expected to be revised downwards to 0.8%, something that will help USD/JPY ride north.

That’s it for today. Happy forex trading!

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Comments

5 Responses to “Forex Daily Outlook – December 8th 2009”

  1. felix on December 8th, 2009 12:01 pm

    Hi. It’s funny – for me it’s like your site came out of the blue [I found it one day after a link from forex factory news] and it is so good. I repeat, so good. So thanks to all who participate. It’s just what I would make if I had the time – but now I don’t need to. Really useful, clear and essential info on fx pairs. The only thing you could add would be a COT consideration – just a mention every now and then on COT data and positioning.

    Brilliant!

    and Thx

    Felix

  2. Yohay on December 8th, 2009 12:03 pm

    Thanks Felix! I’ll check out COT data as you’ve offered.

  3. blogger-FX on December 8th, 2009 1:10 pm

    Yes, this is a great forex site!!!
    Yesterday gold was close to correcting to 1131, leaving a candle with an upwards pattern. If it continues with the trend started yesterday, I read on ACM Forex News that today it will have to clear 1168.7, intraday high, on its way to 1176.9.
    This is the chart that was on ACM Forex site http://files.ac-markets.com/Newsletter/2009-12-08/AlertChart08Dec09_1122.png u think gold is a good intraday trade for today? This broker always gives great nalysis but I’m still not so sure about gold…
    Thanks!!!

  4. Yohay on December 8th, 2009 1:13 pm

    Thanks blogger-FX. I don’t follow gold closely, so I don’t have an opinion…

  5. Latest business crunch news – UK Technology business, crunch time! on May 12th, 2010 6:11 am

    [...] Forex Daily Outlook – December 8th 2009 | Forex Crunch [...]

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