Forex Daily Outlook – March 26th 2010

American final GDP and a revised version of consumer sentiment are the main events for today. Will the dollar continue rising? Let’s see what’s awaiting us today.

The European economic summit continues today and will shake the EUR/USD that broke down earlier in the week.

Jean-Claude Trichet is attending the summit, but will also speak in a separate event late in the day. The summit will provide high volatility for the Euro. For technical levels, read the EUR/USD forecast and Casey Stubbs’ latest analysis.

In Britain, the revised Revised Business Investment is expected to show a drop of 5.6%, better than the first release. The British Pound suffered from Alistair Darling on Wednesday, and is trading lower since then.

In the US, final GDP is expected to confirm the high growth rate of 5.9% (annually). This strong growth isn’t backed by jobs. Not yet. The first release showed a 5.7% growth rate.

The revised version of consumer sentiment from the University of Michigan is expected to show a rise from 72.5 to 73.1 points. This will help the dollar just before the markets close.

A few speeches are due in the US from various FOMC members: Kevin Warsh, James Bullard and Daniel Tarullo will all speak and could release statements about future policy about the rates.

That’s it for today. Happy forex trading!

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GBP/USD graph with support and resistance lines marked. Click to enlarge:

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