Forex Daily Outlook – August 2 2010
We start the week with a variety of news, starting in the US with Chairman Ben Bernanke & President Timothy Geithner speeches, Manufacturing updated in Europe and UK and more interesting updates. Let’s see what awaits us today.
In the US, Federal Reserve Chairman Ben Bernanke deliver a speech titled “Challenges for the Economy and State Governments” at the Southern Legislative Conference 64th Annual Meeting, in Charleston. Audience questions expected and affect the short term interest rates.
More in the US, Federal Reserve Bank of New York President Timothy Geithner deliver a speech titled “Next Steps for Financial Reform” at the Stern School of Business, in New York; Federal Reserve FOMC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.
Finally in the US, The Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI), the sector leading the US economic recovery is expected to expand for another month, but this time at a slower pace to 54.3 in July from 56.2 in June.
In Europe, Final Manufacturing Purchasing Managers’ Index (PMI), stabilized on 56.5, it is the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry. a survey of about 600 purchasing managers which asks respondents to rate the relative level of business conditions and hold perhaps the most current and relevant insight into the company’s view of the economy;
In Great Britain, Manufacturing PMI (Purchasing Managers’ Index),this could be another economic report, following the better-than-expected Q2 GDP, showing positive momentum in the U.K. economy, with the U.K. manufacturing output forecasted to increase by 0.5% from 0.3%, and industrial production growing by 0.3% from 0.7% in the previous month.
More in Great Britain, Halifax HPI the change in the price of homes increased by Halifax Bank of Scotland (HBOS) increased by 2% and spur industry activity/
Read more about the Pound in the GBP/USD forecast.
In Switzerland, Retail Sales, the change in the total value of inflation-adjusted sales at the retail level, excluding automobiles and gas stations, increased by 3% and it’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity.
Later In Switzerland, Schweizerischer Verband fur Materialwirtschaft und Einkauf (SVME), Purchasing Managers’ Index (PMI), a survey of about 200 purchasing managers which asks respondents to rate the relative level of business conditions. It’s a leading indicator that hold perhaps the most current and relevant insight into the company’s view of the economy.
In Australia, Index of Commodity Prices, the change in the selling price of exported commodities, a leading monthly report of the nation’s trade balance with other countries because rising commodity prices boost export income.
For more on the Aussie, read the AUD/USD forecast.
In New Zealand, Labor Cost Index, the change in the price businesses pay for labor, excluding overtime had increased by 1%, leading quarterly report and an indicator of consumer inflation.
In Japan, Average Cash Earnings the change in the total value of employment income collected by workers, increased by 6%. The monthly report Income is correlated with spending – the more disposable income consumers have, the more likely they are to increase spending.
That’s it for today. Happy forex trading!
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