Forex Daily Outlook February 7 2012

In the US Fed Chairman Bernanke Testifies and Building Permits in Canada are the main events lined up, let’s see what awaits us today.

In the US, Ben Bernanke, Federal Reserve Chairman, is due to testify in Washington DC.

More in the US, Investor’s Business Daily (IBD) TechnoMetrica Institute of Policy and Politics (TIPP), Economic Optimism is due to rise up from 47.5 on January up to 48.3.

Finally in the US, Consumer Credit, indictor of consumer spending and confidence that is predicted to drop down from 20.4B on January to 7.7B now.

In Canada, Building Permits, measures the building permits issued on the reported month, about to rise from -3.6% up to 0.8%

More in Canada, Bank of Canada (BOC) Senior Deputy Governor Tiff Macklem, is due to speak in Toronto.

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

In Europe, German Industrial Production, value the inflation-adjusted change of manufacturer’s output, about to rise up from -0.6% to -0.1%.

More in Europe, French Trade Balance, due to further drop down from -4.4B on January to -5.2B this time.

For more on the Euro, read the Euro to dollar forecast.

In Great Britain, BRC Retail Sales Monitor, value the sales at the retail level over the last month, no chance is predicted and 2.2% is expected now.

Read more about the Pound in the GBP/USD forecast.

In Switzerland, Foreign Currency Reserves, measures the foreign currency reserves that is held by the Swiss National Bank (SNB), 254.2B is predicted similar to the last month report.

More in Switzerland, Thomas Jordan, Swiss National Bank (SNB), Governing Board Interim Chairman is about to speak in Geneva.

Read more about the Swiss franc in the USD/CHF forecast.

In Australia, RBA Rate Statement, prime tool that Reserve Bank Board uses for connecting with investors regarding monetary policy and discusses the financial outlook. While on the Cash Rate reduce is expected from 4.25% down to 4.00%.

For more on the Aussie, read the AUD/USD forecast.

In Japan, Current Account, rise is forecasted from 0.48T up to 0.63T this month.

More in Japan, Leading Indicators 93.9% is predicted now.

Finally in Japan, Bank Lending 0.4% is forecasted similar to the last month.

Read more about the yen in the USD/JPY forecast.

That’s it for today.

Happy forex trading!


Anat Dror – Senior Writer

I conceptualize, design and create multi-lingual websites. Apart from the technical work, my projects usually consist of writing content for these sites in English, French and Hebrew.

In the past, I have built, managed and marketed an e-learning center for language studies, including moderating a live community of students.

I’ve also worked as a community organizer

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