Forex Daily Outlook – April 29th 2009

Big day in forex trading today, when Advance GDP and the new FOMC Statement are published. There are more economic indicators, and there’s the swine flu still influencing the market.

Advance GDP in the US is currently expected to show a contraction of 4.8% in the first quarter of 2009. This will be better than the last quarter of 2008, when the economy shrank by 6.3%.

Federal Funds Rate isn’t expected to change – the interest rate is expected to stay at a maximum rate of 0.25%. The more interesting release is the FOMC Statement. After last time’s stunning announcement they pounded the greenback, anything can happen.

Read more on these two major events in my post: GDP and FOMC Statement – Super Wednesday Scenarios.

Early in the morning, Australian HIA New Home Sales will be closely watched by traders of the Aussie.

Later in New Zealand, the NBNZ Business Confidence will give a broad overview of the economy, and will surely move the kiwi.

In Europe, there are a few releases: M3 Money Supply, Private Loans and Consumer Confidence, which is expected to improve from -34 to -33.

In Switzerland, KOF Economic Barometer is expected to deteriorate from -1.79 to -1.89. This is a significant indicator for the Swiss economy.

At 12:30, Advance GDP will be published, together with Advance GDP Price Index,, which is expected to rise by 1.8%, more than last quarter’s 0.5%.

And at 18:15 GMT, the FOMC Statement will shake all the markets. No surprises are expected from the Federal Funds Rate.

I encourage you (again) to check out the special coverage of the FOMC Statement and Advance GDP.

Enjoy!

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