Forex Daily Outlook – March 2nd 2010
The week began with a strong start, especially for the British Pound, which was knocked down. Today, more important events are awaiting us with rate decisions in Australia and Canada being in the limelight. Let’s see what’s up for today.
Australian action starts the day: Retail Sales made a nice leap last month, rising by 2.2%, but now they’re expected to rise by only 0.7%. In the housing sector, a disappointment came from last month’s dropping Building Approvals. They’re predicted to rise by 0.8% this time. Now for the main dish:
The Australian central bank is expected to raise the interest rate to 4%. This will be the fourth rate hike since the financial crisis broke out. Australia is the first and only Western country to raise the rates. After a surprising pause last month, Glenn Stevens is expected to resume the moves. Also note the tone of the RBA Rate Statement regarding future moves.
For more on the strong Australian dollar, read the AUD/USD forecast.
In Switzerland, the GDP is expected to rise by 0.4%, more than 0.3% in Q3. This might stop the Swissy’s retreat.
In Britain, Construction PMI is expected to edge up from 48.6 to 48.9 points, still under the critical 50 point mark. Yesterday’s British figures were OK, but the news hurt the Pound.
For more on the Pound’s (low) technical levels, read the GBP/USD forecast.
The Euro is weaker, but hanging on to the critical 1.3423 level, helped by a drop of the unemployment rate below 10%. Today will see the CPI Flash Estimate which is expected to show an annual rise of 1% in prices.
Also note the European producer prices. PPI is expected to jump by 0.7%, significantly more than last month’s 0.1% rise.
For more technical levels, read Casey Stubbs’ latest analysis and for events, check out my EUR/USD forecast.
The Canadian dollar enjoyed an excellent GDP result yesterday: the economy grew by 0.6% in December 2009, and at an annual rate of 5% in Q4. This helped the loonie. And today there’s another test.
The Bank of Canada will probably leave the Overnight Rate unchanged at 0.25%. The focus will be (as usual) on the BOC Rate Statement. Mark Carney has clearly stated that the timing for raising the rates is June 2010, which is now only three months away. Will he talk about an earlier schedule? It didn’t happen before…
Check out the USD/CAD forecast for technical levels.
That’s it for today. Happy forex trading!
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GBP/USD Outlook – March 1-5 2010
The Pound lost another technical level and looks down. The upcoming week is very busy, with eight important events, with the rate decision being the climax. Here’s the weekly outlook for the British events, and an updated technical analysis for GBP/USD.
GBP/USD chart with support and resistance lines marked. Click to enlarge:
BOE governor Mervyn King is [...]
Forex Daily Outlook – February 2nd 2010
The greenback took a break from rises yesterday, on risk appetite trading. Today’s highlights are a rate decision in Australia and American Pending Home Sales. Let’s see what’s up:
Australia starts the day with the NAB Business Confidence, which is finally released. This will be overshadowed by a much more important event: the rate decision in [...]
GBP/USD Outlook – February 1-5 2010
Looking for the latest outlook, for the current week? Check out the section: British Pound Forecast
British growth was dwarfed by the American one, and the Pound ended the week lower. The upcoming week provides lots of important releases, with an interesting rate hike being the highlight. Here’s an outlook for the upcoming week in the [...]
Forex Daily Outlook – January 5th 2010
The second day of 2010 is also rather busy, with American Pending Home Sales and Factory Orders, as well as German employment figures. Let’s see what’s up for today:
The dollar’s weakness on Monday wasn’t enough for major breakouts. Possible breakouts were probably stopped after ISM Manufacturing PMI rose more than expected in the US. I [...]
British Pound Outlook- January 4-8 2010
Looking for the latest outlook, for the current week? Check out the section: GBP USD Forecast
The Pound enjoyed the thin trading volume to rise. Now we’re back to normal. This week is packed with major British releases, with the rate decision being the most important one. Here’s an outlook for the events that will impact [...]
GBP/USD Forecast – November 30 – December 4
Looking for the latest outlook, for the current week? Check out the section: GBP/USD Forecast
A roller coaster week, with a 470 pips trading range ended with the Pound remaining almost unchanged. Purchasing managers’ indices and housing figures are due this week. Will the Pound decide where it’s going? Here’s a weekly outlook for 10 events [...]
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