Forex Daily Outlook – August 10 2010

American rate decision the big event this week followed by Preliminary Nonfarm Productivity and Preliminary Unit Labor Costs are among the market moving events. Here is an outlook on today’s major activities.

In the US, Federal Market Committee Interest Rate Announcement is not expected to raise rates. The U.S. Non-Farm Payrolls report showed the economy losing larger-than-expected amount of jobs in July increasing the odds that the Fed could be forced into offering additional monetary policy stimulus keeping Federal Funds Rate at 0.25%.

More in the US, Preliminary Nonfarm Productivity measuring the annualized change in labor efficiency when producing goods and services, excluding the farming industry, expected to rise 0.3% 0.02% more than in the previous quarter.

Finally in the US, Preliminary Unit Labor Costs a leading indicator of consumer inflation predicted to rise 1.4% this quarter following a year of decreases.

In Canada, Housing Starts a leading indicator of economic health rose 193K in the previous month 186K rise is expected now and New Housing Price Index is forecasted the same 0.3% rise as in the previous three months.

For more on USD/CAD, read the Canadian dollar forecast.

In Europe, French Industrial Production a leading indicator of economic health is expected 0.1% decrease following 1.7% increase in May.

In Switzerland, State Secretariat for Economic Affairs Consumer Climate index expected to rise again by two points reaching 16 points following the impressive rise in the previous quarter.

For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.

In Great Britain, Trade Balance deficit was higher than expected for May reaching 8.1B a smaller deficit of 7.7B is expected now.

More in Great Britain, Nationwide Consumer Confidence index based on a survey of about 1,000 consumers which asks respondents to rate the relative level of current and future economic conditions expected to drop 3 points to 60 the lowest since August 2009.

Read more about the Pound in the GBP/USD forecast.

In Australia, National Australia Bank Business Confidence index reached 4 points in July a similar figure is expected now.

For more on the Aussie, read the AUD/USD forecast.

In Japan, Bank of Japan Interest Rate Announcement, is likely to remain 0.10% with the Japanese Yen strengthening, exports declining and deflation still not going away.

More in Japan, Core Machinery Orders forecasted 5.6% rise following 9.1% unexpected dip in May which will increase production.
That’s it for today. Happy forex trading!

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