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.
In New Zealand, Building Consents are expected to continue rising after a big jump of 3.3% last month. In Australia, the MI Inflation Gauge is expected to show a slow rise in prices. Private Sector Credit, a more important figure, is predicted to rise by 0.2%, after falling last month.
Another important figure from Australia is the HIA New Home Sales, which disappointed by falling last month. Also note the AIG Manufacturing Index.
For more on the Australian dollar, check out the AUD USD forecast.
The Chairman of the Swiss National Bank is expected to speak amidst rumors of intervention in the forex market. Jean-Pierre Roth might shed some light on the SNB’s moves.
In Japan, Prelim Industrial Production is expected to rise another 2.5%, following last month’s rise. Average Cash Earnings are predicted to drop for another month, this time by 1.7%.
The head of the BOJ, Masaaki Shirakawa is under pressure to intervene in the forex markets after USD/JPY reached 14 year lows. He will be speaking in a conference in the city of Nagoya.
In Britain, GfK Consumer Confidence is expected to improve, but to remain in the negative zone, at -11 points. Later in Britain, Net Lending to Individuals is expected to grow marginally to 0.8 billion. Mortgage Approvals are also predicted to rise.
For more on the British Pound, read the GBP/USD forecast.
In Europe, the CPI Flash Estimate is finally expected to show a rise in prices, after many months of decline. Europe needs to get out of its deflation in order to allow a rate hike. For more on the Euro, read the EUR/USD forecast.
Canadian GDP, that disappointed last month, is expected to push forward and rise by 0.4%. Another interesting figure for loonie traders is the RMPI (Raw Materials Price Index), which is expected to rise by 2.9%.
For more on USD/CAD, read the Canadian dollar forecast.
In the US, the first indicator for this week is the Chicago PMI. This purchasing managers’ index is predicted to edge down from 54.2 to 53.1, and still remain above 50, in the positive zone.
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