Forex Daily Outlook – November 3rd 2009

Posted on November 3, 2009 by Yohay
Filed Under Daily Forex Forecast | Leave a Comment

Excellent American figures didn’t clear the fear yesterday. Today is a rather light day, with the Australian rate hike standing out. Let’s see what else is one the agenda today:

Australia did it again – Glenn Stevens’ RBA raised the interest rates once again – Australia’s Cash Rate is now 0.25% higher, at 3.5%. This decision was widely expected. A rate hike in December isn’t certain.

In the RBA Rate Statement, Stevens said that the strong rise in the Aussie is hurting exports. This talk against the currency and the expected decision made AUD/USD drop after the decision. AUD/USD is now at 0.9029.

There’s lots more on the Aussie’s agenda. For more, read the AUD/USD Forecast.

In Britain, Construction PMI is expected to rise from 46.7 to 47.2, still under the critical 50 mark. This means that expectations are still for contraction in this sector.

The Pound awaits an important rate decision this week, with the Quantitative Easing program in the limelight. Read the GBP/USD Forecast for more.

In the US, Factory Orders are expected to recover from last month’s fall and rise by 1.1%. Positive American figures yesterday sent the dollar down, but it was only temporary. EUR/USD wasn’t convinced by these good figures.

Axel Weber, head of the German Bundesbank, will be speaking today. He is one of the influential members of the ECB, and his words can move the markets. Read more on the Euro’s upcoming events in the EUR/USD Forecast.

That’s it for today. Happy forex trading!

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