Forex Daily Outlook – August 3 2010

U.S. Pending Home Sales, Core PCE and Factory Orders are the major events on our menu. Here is an outlook on today’s market moving events.

In the US,  Pending Home Sales measuring the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction predicted a small rise following the 30% unexpected dip in the previous month. A gradual recovery is expected.

More in the US, core PCE Index differing from Core CPI in by measures goods and services targeted towards and consumed by individuals forecasted to show 0.1% rise following previous month’s reading of 0.2%, while Personal spending in July registers a smaller increase by 0.1% m/m, compared with 0.2% m/m in June.

Finally in the US, Factory Orders a leading indicator of production expected a slight drop of 0.2% following 1.4% dip in May.

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

In Great Britain, Halifax House Price Index a leading indicator of the housing industry’s health predicted 0.4% drop following the unexpected 0.6% dip in June.

More in Great Britain, Construction PM, based on a survey of about 170 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories, expected to reach 58. 2 points 0.2 points weaker than in the previous month but still above the 50 point line.

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

In Switzerland, Consumer Price Index, predicted to continue decreasing by 0.5% following 0.4% drop in June.

In Australia, Reserve Bank of Australia Interest Rate Announcement, following the unexpectedly lower inflationary pressures in Australia in Q2 2010, coupled with signs of a global economic slowdown, would be the likely factors that could influence the Reserve Bank of Australia policy makers’ decision to keep interest rates unchanged for another month therefore the cash rate is predicted to remain 4.50%.

More in Australia, Building Approvals expected to rise by 2.1% following the 6.6% drop in May and 14.8 dip in April. Retail Sales are also foreseen to rise by 0.4% following a 0.2% rise in the previous month.

Finally in Australia, ANZ Job Advertisements measuring change in the number of jobs advertised in the major daily newspapers and websites covering the capital cities expected to remain 2.7% as in July. Commodity Prices are likely to reach 43% as in July and AIG Services Index based on a survey of about 200 service-based companies expected to remain close to the 50 point line from 48.8 in the previous month.
For more on the Aussie, read the AUD/USD forecast.

That’s it for today. Happy forex trading!

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