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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EUR/USD Outlook – March 1-5 2010
EUR/USD finally had a positive week and gained some ground. It’s now facing a very busy week, with the rate decision being the climax. Here’s the outlook for the European events, and an updated technical analysis for EUR/USD.
EUR/USD chart with support and resistance lines marked. Click to enlarge:
Even though this week is crowded with economic [...]
Forex Daily Outlook – January 29th 2010
The last day of January features the initial release for American GDP among other important events. Let’s see what’s up for today.
EUR/USD, the most popular pair is suffering losses. Casey Stubbs keeps up with the moves with fresh analysis all the time.
EUR/USD Outlook – January 25-29
Looking for the latest outlook, for the current week? Check out the section: EUR/USD Forecast.
The Euro had a bad week, with continuing Greek problems. It slipped down to a lower range. The upcoming week consists of more important surveys and important employment and inflation figures. Here’s an outlook for the upcoming week in Europe, and [...]
Forex Daily Outlook – January 6th 2010
As the week advances, the calendar gets more crowded, especially in the US. ADP Non-Farm Payrolls and the FOMC minutes are among the important indicators today. There are many important events elsewhere. Let’s see what’s up for today.
British Nationwide Consumer Confidence starts the day right at the beginning. After many months of steady growth, it’s [...]
EUR/USD Failed to Break Out
The Euro tested the upper border of its trading range and bounced. There are many reasons for explaining the move upwards, and one good reason for not seeing a break.
EUR/USD went as high as as 1.4480 – an important resistance line, and then fell back down to the low 1.44s. Since December 16th, the pair [...]
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 [...]
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