Forex Daily Outlook – August 2 2010
We start the week with a variety of news, starting in the US with Chairman Ben Bernanke & President Timothy Geithner speeches, Manufacturing updated in Europe and UK and more interesting updates. Let’s see what awaits us today.
In the US, Federal Reserve Chairman Ben Bernanke deliver a speech titled “Challenges for the Economy and State Governments” at the Southern Legislative Conference 64th Annual Meeting, in Charleston. Audience questions expected and affect the short term interest rates.
More in the US, Federal Reserve Bank of New York President Timothy Geithner deliver a speech titled “Next Steps for Financial Reform” at the Stern School of Business, in New York; Federal Reserve FOMC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.
Finally in the US, The Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI), the sector leading the US economic recovery is expected to expand for another month, but this time at a slower pace to 54.3 in July from 56.2 in June.
In Europe, Final Manufacturing Purchasing Managers’ Index (PMI), stabilized on 56.5, it is the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry. a survey of about 600 purchasing managers which asks respondents to rate the relative level of business conditions and hold perhaps the most current and relevant insight into the company’s view of the economy;
In Great Britain, Manufacturing PMI (Purchasing Managers’ Index),this could be another economic report, following the better-than-expected Q2 GDP, showing positive momentum in the U.K. economy, with the U.K. manufacturing output forecasted to increase by 0.5% from 0.3%, and industrial production growing by 0.3% from 0.7% in the previous month.
More in Great Britain, Halifax HPI the change in the price of homes increased by Halifax Bank of Scotland (HBOS) increased by 2% and spur industry activity/
Read more about the Pound in the GBP/USD forecast.
In Switzerland, Retail Sales, the change in the total value of inflation-adjusted sales at the retail level, excluding automobiles and gas stations, increased by 3% and it’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity.
Later In Switzerland, Schweizerischer Verband fur Materialwirtschaft und Einkauf (SVME), Purchasing Managers’ Index (PMI), a survey of about 200 purchasing managers which asks respondents to rate the relative level of business conditions. It’s a leading indicator that hold perhaps the most current and relevant insight into the company’s view of the economy.
In Australia, Index of Commodity Prices, the change in the selling price of exported commodities, a leading monthly report of the nation’s trade balance with other countries because rising commodity prices boost export income.
For more on the Aussie, read the AUD/USD forecast.
In New Zealand, Labor Cost Index, the change in the price businesses pay for labor, excluding overtime had increased by 1%, leading quarterly report and an indicator of consumer inflation.
In Japan, Average Cash Earnings the change in the total value of employment income collected by workers, increased by 6%. The monthly report Income is correlated with spending – the more disposable income consumers have, the more likely they are to increase spending.
That’s it for today. Happy forex trading!
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Forex Daily Outlook – June 22 2010
US Existing Home Sales on the rise, US Treasury Secretary Timothy Geithner testifies before the Congressional Oversight Panel in Washington DC, and US House Price Index are the major events of the day. Let’s review the today’s activities. In the US, Existing Home Sales expected an increase of 400,000 above 5.77 M in May. This [...]
Forex Daily Outlook – May 6 2010
British voters go to the polls. This election is expected to deny all three major parties an outright majority which may bring uncertainty to the markets, US unemployment claims are dropping, US, Federal Reserve Chairman Ben Bernanke delivers a speech at the 46th Annual Conference on Bank Structure and Competition, in Chicago, US Treasury Secretary [...]
Forex Daily Outlook – May 4 2010
U.S. Pending home sales and factory orders reports are expected to drop while in Britain, optimistic winds before the upcoming political elections. Let’s see what awaits us today. In the US, Pending Home Sales excluding new construction is expected to go down from 8.2% to 3.3%, a temporary setback from the nice rise from last [...]
Forex Daily Outlook – April 29 2010
Great news from the U.S. – Unemployment decrease and US Treasury Secretary Timothy Geithner’s testimony before the House Appropriations Committee, in Washington DC are at the front of the news today. Let see what else awaits us this day. In the US, Unemployment Claims report, released weekly, shows a decrease in the number of expected [...]
Forex Daily Outlook – April 13th 2010
After a wild opening to the week, we have many indicators today. American trade balance and a speech by Bernanke are the highlights of the day. Let’s see what’s awaiting us today. Most weekend gaps were filled after the initial shock that was seen in the wake of the new week. Note that the Euro [...]
Forex Daily Outlook – March 31st 2010
American ADP payrolls, factory orders, Canadian GDP and the important Japanese Tankan indicator are the highlights of a very busy day n forex trading. There are many more events from all over the world. Let’s see what’s up for today. Australia provides a strong start to the day with two major releases: Retail Sales, which [...]
Forex Daily Outlook – March 29th 2010
The new week starts with American Personal Spending among other figures from all over the world. Will EUR/USD resume the downtrend? Let’s see what will move the markets today:
Forex Daily Outlook – March 25th 2010
Ben Bernanke will dominate the scene today with a testimony in Washington. There are lots of other important events from all over the world. Let’s see what’s up for today. At the time of writing, EUR/CHF is still at an all time low, under 1.43. A massive intervention by the Swiss National Bank can happen [...]
Forex Daily Outlook – March 22nd 2010
The calendar is light on Monday. Trading will be mostly affected by Friday’s dollar strength and by speeches from key figures: Geithner, Trichet and King. Let’s see what’s awaiting us. Don’t worry. The action returns on Tuesday with major releases all around the world. Check out the forex weekly outlook details on the major events. [...]
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