Forex Daily Outlook – July 9 2010
Canada‘s Employment change expecting a modest rise, Unemployment Rate without change and an increase in Housing Starts are the highlights of today’s activities. Here is an outlook for the final events of this trading week.
In the US, Wholesale Inventories expected to remain 0.4% for third consecutive month.
In Canada, Employment change expected to add 20.3K jobs in June – 4.4K less than in May and Unemployment Rate while the unemployment rate is forecasted to remain unchanged at 8.1%. However, recent Canadian employment reports have shown a tendency to surprise to the upside and another better-than-expected employment data from Canada could raise the odds for more rate hikes by the Bank of Canada and could provide a much-needed support for the CAD.
Later in Canada, Housing Starts slowed down and dropped to 189K last month, causing some worries. A rise to 194K is expected now and may have a positive effect on the CAD.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, French Industrial Production forecasted to rise 0.3% following the 0.3% dip in May indicating activity in the market while Italian Industrial Production expected a slight drop from 1.0% in May to 0.8%.
More in Europe, German Final CPI measuring the change in the price of goods and services purchased by consumer is foreseen to remain 1.0% as in April.
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Great Britain, The UK Input PPI surprised on the upside, falling to -0.6% in May from 0.6% in April, a positive difference on an expected fall to -0.9%. The Producer Price Index Input released by the National Statistics is a monthly measurement of the rate of inflation experienced by the UK manufactures when buying goods and services. A high reading in either is bullish for the GBP, while a low reading is taken as bearish. A welcome rise of 0.2% is expected now.
More in Great Britain, Trade Balance After the deficit rose to 7.5 billion pounds in April a decrease in deficit has occurred in May reaching 7.3B. Further deficit reduction to -7.1B is expected now.
Read more about the Pound in the GBP/USD forecast.
That’s it for today. Happy forex trading!
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Forex Daily Outlook – May 11 2010
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Forex Daily Outlook – February 9th 2010
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Forex Daily Outlook – November 6th 2009
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The US dollar continues to weaken, amidst a growing notion that not every financial sector will be bailed out by the Federal Reserve, or the American government. This notion fueled a fear of a wave of bankruptcies. Yesterday’s Consumer sentiment data from the USA was much lower than last month’s figure. A drop in consuming [...]
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