Forex Daily Outlook – August 11 2010
U.S. and Canada’s Trade Balance followed by British Jobless Claims are the major activities today. Here is an outlook on the market moving events.
In the US, American Trade Balance deficit is expected to decrease from 42.3B to 42.0B following the worse than expected deficit increase in May.
More in the US, Federal Budget Balance, Following a cutback to 68.4B in the government’s deficit in the previous month a huge increase to 167.6B is expected badly affecting the US dollar.
Finally in the US, Crude Oil Inventories decreased by 2.8M last week and are expected to decline further in the next few months.
In Canada, Trade Balance surplus of 0.4B is expected now following a deficit of 0.5B in May Canaca’s return to Trade Balance surplus will strengthen CAD.
For more on USD/CAD, read the Canadian dollar forecast.
In Great Britain, Jobless Claims expected to improve the labor market conditions by dropping to 17.4K whilt the Unemployment rate is expected to remain 7.8%.
Later in Great Britain, Bank of England Governor Mervyn King holds a press conference, along with other MPC members, about the Inflation Report, in London will impact interest rates.
More in Great Britain, Average Earnings Index a leading indicator of consumer inflation is predicted to rise by 1.1% following a worse than expected rise of 2.7% in the previous month.
Read more about the Pound in the GBP/USD forecast.
In Australia, Westpac Consumer Sentiment index based on a survey of about 1,200 consumers which asks respondents to rate the relative level of past and future economic conditions, employment, and climate for major purchases increased by 11.1% in July following three months of decreases. A further increase is expected now.
For more on the Aussie, read the AUD/USD forecast.
In New Zealand, Business NZ Manufacturing Index edged up by 2.2 points last month a further rise is expected now and Food Price Index also experienced a 1.3% rise in June and is predicted to rise again.
In Japan, Bank of Japan’s Monthly Report is released contains the statistical data that the BOJ Policy Board members evaluated when making the latest interest rate decision, and provides detailed analysis of current and future economic conditions from the bank’s viewpoint.
That’s it for today. Happy forex trading!
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