Forex Daily Outlook – September 3 2010

We end this week with some interesting news in the US, Unemployment Rate Percentage & Non-Farm Employment Change, in Great Britain Services PMI, Paul Tucker speaks and more. Let’s see what awaits us today.

In the US, The Institute for Supply Management (ISM) Non-Manufacturing Purchasing Managers’ Index (PMI), Survey of about 400 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. Industry expansion of 53.6 points.

Later in the US, the number of employed people during the previous month, excluding the farming industry, vital economic data indicates increasing of 30K, since Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.

More in the US, Unemployment Rate Percentage of the total work force that is unemployed and actively seeking employment during the previous month increase by 1% it is an important signal of overall economic health.

Finally in the US, Average Hourly Earnings, the price businesses pay for labor, excluding the farming industry; increased by 1% and It’s a leading indicator of consumer inflation – when businesses pay more for labor the higher costs are usually passed on to the consumer.

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

In Europe, Retail Sales, the total value of inflation-adjusted sales at the retail level increased by 3% and it’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity.

More in Europe, Final Services Purchasing Managers’ Index (PMI, Survey of about 600 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories stabilized on 55.6 points.

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

In Great Britain, Halifax House Price Index (HPI), the price of homes financed by HBOS, remained the same as for last month attract investors and spur industry activity.

More in Great Britain, Services PMI, Survey of purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories, businesses react quickly to market conditions.

Finally in Britain, Bank of England (BOE), Deputy Governor Paul Tucker speaks at the Korea – Financial Services Board Reform Conference: An Emerging Market Perspective, in Seoul.

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

In Switzerland, Consumer Price Index (CPI); the price of goods and services purchased by consumers increases by 8%.

That’s it for today. Happy forex trading!

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.

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