Forex Daily Outlook – March 3rd 2010
Today’s highlights are the Australian GDP and American ADP Non-Farm Payrolls, which will raise the tension towards Friday’s big event. Let’s see what’s up for today.
The low expectations for Friday’s Non-Farm Payrolls are favorable for the dollar. Here’s my Non-Farm Payrolls preview. Let’s start today’s review:
British Nationwide Consumer Confidence starts the day with an expected drop of confidence to 71 points, after reaching a peak at 73. Traders lose confidence in the Pound.
Later in Britain, the purchasing managers’ index for the services sector will complete the series of PMI releases with an expected rise to 55 points.
For more on the British Pound, check out the GBP/USD forecast.
In Australia, GDP is released one day after the rate hike. After a disappointing growth rate of 0.2% in Q3, a much faster growth is predicted now 0.9%. The Aussie was left unexcited by the rate decision. Will it move after the GDP release?
For more on the Aussie, read the AUD/USD forecast.
In Japan, Average Cash Earnings are predicted to fall by 1.2% on a yearly basis, less than last time. On the other side of the day, quarterly Capital Spending is predicted to show a drop of 18.1% (annually). The Japanese yen is rather stable.
In Europe, German Retail Sales will probably drop by 0.5% after rising last month. Later, the all-European retail sales are predicted to drop as well, by 0.3%.
EUR/USD is supported by 1.3423. This is a critical line. For more on the Euro, read Casey Stubbs’ latest analysis and my EUR/USD forecast.
In the US, two job indicators are released: Challenger Job Cuts and the ADP Non-Farm Payrolls. The latter, ADP NFP, is expected to show a loss of 13,000, slightly better than last month’s loss of 22K. ADP doesn’t always correctly predict the outcome of the Non-Farm Payrolls on Friday.
Later in the US, ISM Non-Manufacturing PMI is expected to rise from 50.5 to 51. This complements Monday’s ISM Manufacturing PMI which is doing better.
The American events aren’t over: the Beige Book will give a wide overview on the American economy and can impact the expectations for the FOMC meeting later in the month. Also note a speech by FOMC member Eric Rosengren. He might give some hints about future policy as well.
That’s it for today. Happy forex trading!
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Forex Weekly Outlook – March 1-5 2010
The first week of the month is always busy in forex trading. Apart from Non-Farm Payrolls, we have 3 GDP releases and 4 rate decisions from all over the world, and many other major events. Let’s see what’s awaiting us on the crowded calendar.
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Forex Daily Outlook – February 3rd 2010
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Forex Weekly Outlook – February 1-5 2010
After the surprising American GDP, the first week of February is loaded with major events: rate decisions from Britain, Europe and Australia, job figures from Canada, New Zealand and the US – the almighty Non-Farm Payrolls. Here’s an outlook for the major events of the week.
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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.
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Forex Weekly Outlook – January 4-8 2010
The first week of 2010 is packed with important events. Starting as early as Sunday with Ben Bernanke and ending with the king of forex – Non-Farm Payrolls. In the middle, there’s a rate decision from Britain, European employment numbers and many important releases from Australia. The holidays are over, and the markets are ready [...]
Forex Daily Outlook – December 3rd 2009
After a calm day, the calendar is full again: a rate decision in Europe and Ben Bernanke’s testament are in the limelight. And there’s more from all over the world. Let’s see what’s up for today:
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