Forex Daily Outlook – August 31 2010
U.S. Consumer Confidence, U.S. FOMC Meeting Minutes and Canada’s GDP are the major events on today’s menu. Here is an outlook on the market moving events awaiting us today.
In the US, Consumer Confidence Index forecasts a small increase in consumer confidence to 50.7 from 50.4 however an unexpected decline in the index would be possible due to the current deteriorating economic conditions.
More in the US, Federal Open Market Committee Meeting Minutes consisted of the Federal Board of Governors plus 5 of the 12 Federal Reserve Bank presidents set the key interest rates for the USA, and also control the money supply may have a smaller effect on the market since early information was already released in the FOMC Statements.
Finally in the US, S&P/CS Composite-20 HPI measuring change in the selling price of single-family homes in 20 metropolitan areas is forecasted 3.8% rise following 4.6% rise in June and Chicago Purchasing Managers’ Index a leading indicator of economic health expected to drop to 57.3 points after reaching 62.3 points in July.
In Canada, Gross Domestic Product, the main measure of economic activity and growth foreseen a modest growth in August by 0.2% m/m from the 0.1% m/m reading in July.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, German Unemployment Change released monthly predicted a positive change of 19K in the unemployed 1000 less than in June and also the best reading in five months.
More in Europe, Consumer Price Index Flash Estimate inflation indicator predicted to rise by 1.6% following 0.1% less than July.
Finally in Europe, Unemployment Rate in the Euro-Zone expected to remain 10.0%without change.
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Great Britain, Net Lending to Individuals measuring change in the total value of new credit issued to consumers indicating rising confidence with a predicted rise of 0.7B following 0.6B in June.
Read more about the Pound in the GBP/USD forecast.
In Switzerland, UBS Consumption Indicator combines reading of 5 economic indicators including consumer confidence, consumer spending, tourism, new car sales, and retail activity climbed to 1.81 points in June, a similar rise is expected now.
In Australia, Building Approvals an excellent gauge of future construction activity expected an improvement with a small drop of only 0.6% following three months of plunges 2.7% less than in June.
More in Australia, Retail Sales are also on the rise predicted an increase of 0.4% after only 0.2% in June and July.
Later in Australia, Current Account deficits expected an impressive reduction of 10.2B compared to the previous quarter resulting in 6.4B deficit this is the lowest reading since June 2009 and Private Sector Credit also increases by 0.3% 0.1% more than in the previous month.,
For more on the Aussie, read the AUD/USD forecast.
In Japan, Average Cash Earnings foreseen 0.9% rise 0.6% less than in the previous month.
That’s it for today. Happy forex trading!
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