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 Weekly Outlook – March 1-5 2010
The first week of the month is always busy in forex trading. Apart from Non-Farm Payrolls, we have 3 GDP releases and 4 rate decisions from all over the world, and many other major events. Let’s see what’s awaiting us on the crowded calendar.
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Forex Daily Outlook – January 13th 2010
The dollar is certainly fighting back after dropping at the beginning of the week. Today’s most interesting figures come from Britain, which sees more range trading. Let’s review the events for today:
Forex Weekly Outlook – January 11-15
After a turbulent start to the year, the second week also provides may important events: retail sales and inflation figures in the US, key employment figures in Australia and a rate decision in Europe are among the highlights this week. Let’s see what’s awaiting us in the wake of the NFP.
American Non-Farm Payrolls, the most important [...]
Forex Daily Outlook – December 2nd 2009
After a busy day that included unexpected events, today is more calm. ADP Non-Farm Payrolls stand out. Will the dollar continue the decline? Let’s see what’s up for today:
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Forex Weekly Outlook – November 30 – December 4 2009
The week of Thanksgiving, which was expected to be calm, was very volatile, with new lows in the dollar, that were proved temporary with the Dubai crisis. The upcoming week is already full of important indicators: rate decision in Europe and Australia, GDP from Europe, Switzerland and Canada, and the king of forex: American Non-Farm [...]
Forex Weekly Outlook – October 19-23 2009
After another week of general dollar weakness, this week’s highlights are housing data from the US, meeting minutes from all over the world, a rate decision in Canada and British GDP. There are many more important releases. Let’s see what’s expecting us this week:
The past week showed us that also in the Asian sessions, dramatical [...]
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