Forex Daily Outlook – March 3rd 2010
Today’s highlights are the Australian GDP and American ADP Non-Farm Payrolls, which will raise the tension towards Friday’s big event. Let’s see what’s up for today.
The low expectations for Friday’s Non-Farm Payrolls are favorable for the dollar. Here’s my Non-Farm Payrolls preview. Let’s start today’s review:
British Nationwide Consumer Confidence starts the day with an expected drop of confidence to 71 points, after reaching a peak at 73. Traders lose confidence in the Pound.
Later in Britain, the purchasing managers’ index for the services sector will complete the series of PMI releases with an expected rise to 55 points.
For more on the British Pound, check out the GBP/USD forecast.
In Australia, GDP is released one day after the rate hike. After a disappointing growth rate of 0.2% in Q3, a much faster growth is predicted now 0.9%. The Aussie was left unexcited by the rate decision. Will it move after the GDP release?
For more on the Aussie, read the AUD/USD forecast.
In Japan, Average Cash Earnings are predicted to fall by 1.2% on a yearly basis, less than last time. On the other side of the day, quarterly Capital Spending is predicted to show a drop of 18.1% (annually). The Japanese yen is rather stable.
In Europe, German Retail Sales will probably drop by 0.5% after rising last month. Later, the all-European retail sales are predicted to drop as well, by 0.3%.
EUR/USD is supported by 1.3423. This is a critical line. For more on the Euro, read Casey Stubbs’ latest analysis and my EUR/USD forecast.
In the US, two job indicators are released: Challenger Job Cuts and the ADP Non-Farm Payrolls. The latter, ADP NFP, is expected to show a loss of 13,000, slightly better than last month’s loss of 22K. ADP doesn’t always correctly predict the outcome of the Non-Farm Payrolls on Friday.
Later in the US, ISM Non-Manufacturing PMI is expected to rise from 50.5 to 51. This complements Monday’s ISM Manufacturing PMI which is doing better.
The American events aren’t over: the Beige Book will give a wide overview on the American economy and can impact the expectations for the FOMC meeting later in the month. Also note a speech by FOMC member Eric Rosengren. He might give some hints about future policy as well.
That’s it for today. Happy forex trading!
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GBP/USD Outlook – March 1-5 2010
The Pound lost another technical level and looks down. The upcoming week is very busy, with eight important events, with the rate decision being the climax. Here’s the weekly outlook for the British events, and an updated technical analysis for GBP/USD.
GBP/USD chart with support and resistance lines marked. Click to enlarge:
BOE governor Mervyn King is [...]
Forex Daily Outlook – February 3rd 2010
A busy day expects forex traders. This includes the “mini-NFP” in the US and critical employment numbers in New Zealand among many figures from all over the world. Let’s see what’s up for today.
British Nationwide Consumer Confidence starts the day early with an expected rise from 69 to 70 points. The Pound hasn’t really enjoyed [...]
EUR/USD Outlook – February 1-5 2010
Looking for the latest outlook, for the current week? Check out the section: EUR/USD Forecast.
EUR/USD had a terrible week, reaching 6 month lows against the dollar, with the final push on Friday’s American GDP. The upcoming week is quite busy, with a rate decision being the highlight. Here’s an outlook for the upcoming 8 events [...]
GBP/USD Outlook – February 1-5 2010
Looking for the latest outlook, for the current week? Check out the section: British Pound Forecast
British growth was dwarfed by the American one, and the Pound ended the week lower. The upcoming week provides lots of important releases, with an interesting rate hike being the highlight. Here’s an outlook for the upcoming week in the [...]
Forex Daily Outlook – January 6th 2010
As the week advances, the calendar gets more crowded, especially in the US. ADP Non-Farm Payrolls and the FOMC minutes are among the important indicators today. There are many important events elsewhere. Let’s see what’s up for today.
British Nationwide Consumer Confidence starts the day right at the beginning. After many months of steady growth, it’s [...]
Forex Weekly Outlook – January 4-8 2010
The first week of 2010 is packed with important events. Starting as early as Sunday with Ben Bernanke and ending with the king of forex – Non-Farm Payrolls. In the middle, there’s a rate decision from Britain, European employment numbers and many important releases from Australia. The holidays are over, and the markets are ready [...]
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