Forex Daily Outlook – March 3rd 2010
Today’s highlights are the Australian GDP and American ADP Non-Farm Payrolls, which will raise the tension towards Friday’s big event. Let’s see what’s up for today.
The low expectations for Friday’s Non-Farm Payrolls are favorable for the dollar. Here’s my Non-Farm Payrolls preview. Let’s start today’s review:
British Nationwide Consumer Confidence starts the day with an expected drop of confidence to 71 points, after reaching a peak at 73. Traders lose confidence in the Pound.
Later in Britain, the purchasing managers’ index for the services sector will complete the series of PMI releases with an expected rise to 55 points.
For more on the British Pound, check out the GBP/USD forecast.
In Australia, GDP is released one day after the rate hike. After a disappointing growth rate of 0.2% in Q3, a much faster growth is predicted now 0.9%. The Aussie was left unexcited by the rate decision. Will it move after the GDP release?
For more on the Aussie, read the AUD/USD forecast.
In Japan, Average Cash Earnings are predicted to fall by 1.2% on a yearly basis, less than last time. On the other side of the day, quarterly Capital Spending is predicted to show a drop of 18.1% (annually). The Japanese yen is rather stable.
In Europe, German Retail Sales will probably drop by 0.5% after rising last month. Later, the all-European retail sales are predicted to drop as well, by 0.3%.
EUR/USD is supported by 1.3423. This is a critical line. For more on the Euro, read Casey Stubbs’ latest analysis and my EUR/USD forecast.
In the US, two job indicators are released: Challenger Job Cuts and the ADP Non-Farm Payrolls. The latter, ADP NFP, is expected to show a loss of 13,000, slightly better than last month’s loss of 22K. ADP doesn’t always correctly predict the outcome of the Non-Farm Payrolls on Friday.
Later in the US, ISM Non-Manufacturing PMI is expected to rise from 50.5 to 51. This complements Monday’s ISM Manufacturing PMI which is doing better.
The American events aren’t over: the Beige Book will give a wide overview on the American economy and can impact the expectations for the FOMC meeting later in the month. Also note a speech by FOMC member Eric Rosengren. He might give some hints about future policy as well.
That’s it for today. Happy forex trading!
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Forex Daily Forecast – November 30 2009
The new forex trading week starts off with the Dubai crisis still looming. Canadian GDP, and European inflation will stand out in day with events from all over the world. Let’s see what’s up for the last day of November.
Arabic version of this post
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Forex Daily Outlook – November 2nd 2009
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Forex Weekly Outlook – November 2-6 2009
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Forex Daily Outlook – August 31st 2009
The Yen supplied a strong start for this busy week, with significant gains following the general elections. Canadian GDP and European CPI Flash Estimate are the highlights of today. Things will get much busier later. Let’s see what’s up for today.
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Forex Weekly Outlook – August 31 – September 4 2009
Take a deep breath. The economic calendar is packed this week. We have GDP from Canada, Australia, Switzerland and Europe. There are rate decisions from Europe and Australia. Employment data will come from Europe, Canada and the US – Non-Farm Payrolls are here.
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Forex Daily Outlook – August 3rd 2009
The greenback began the new forex trading week a little stronger. Manufacturing PMI and American ISM Manufacturing PMI are the main events for today. Let’s see what’s up for today, in the first day of the new NFA regulations.
Japanese Average Cash Earnings disappointed and fell by 7.1%, more than 3.6% that was expected. The Yen weakened after this [...]
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