Forex Daily Outlook – February 17th 2010
A busy day expects forex traders, especially those trading cable. Major figures will be released in Britain and the US. Will the Pound chose a direction? Let’s see what’s awaiting us:
Fear is fading away from the markets, and high yielding “risky” currencies are on the rise. The Australian and kiwi dollars are making gains, erasing losses made in recent weeks.
Choppy Pound trading
British employment figure are expected to be good: Claimant Count Change, the earliest and most important report of unemployed people, is predicted to show a third month of drops – 14.6K, simillar to last month’s nice drop.
This will be accompanied by the Unemployment Rate. Although it related to December, this is an important release. British unemployment rate is predicted to stay at 7.8%. Learning from the past, this could be lower – better.
The last event comes from the central bank – the MPC Meeting Minutes will reveal how the members voted in the last rate decision – they don’t share the same opinions, especially regarding the Quantitative Easing program. Mervyn King didn’t rule out allocating more money to the program.
For more on the Pound, read the GBP/USD forecast.
In Europe, Trade Balance will be released and is expected to show a small rise in the surplus. EUR/USD continues to move mostly by the headlines about the Greek debt crisis. For technical lines, read the EUR/USD forecast and Casey Stubbs’ articles.
Canadian Wholesale Sales are predicted to edge up by 0.6%, less than last month’s move. Later in the day, BOC Deputy Governor David Longworth will make a public appearance and might move the loonie, especially if he relates to the interest rate. Read more on USD/CAD in the Canadian dollar forecast.
American figures pouring in
In the US, there are a lot of indicators today: Building Permits are predicted to tick down from 0.65 to 0.63 million. This important housing sector indicator will be accompanied by another one – Housing Starts, which are expected to make the opposite move – rise from 0.56 to 0.58 million.
American Import Prices, which were unchanged last month, are expected to rise by 0.9%. Capacity Utilization Rate is predicted to edge up from 72% to 72.6% and Industrial Production will probably follow last month’s 0.6% rise with a similar 0.7% rise.
The most important event comes later – the FOMC Meeting Minutes will show why one member preferred to drop the words “extended period” from the statement. The big question: when will there be a rate hike in the US won’t be answered, but we might get some hints about the mood inside the Federal Reserve.
The Federal Budget Balance will finally be released after many delays, and it’s expected to show a smaller deficit this time.
The last event for today comes from Australia – RBA Assistant Governor Philip Lowe will make a public appearance and might shed more light on the state of Australian economy. The Aussie is on the rise. For more, check out the AUD/USD forecast.
That’s it for today. Happy forex trading!
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USD/CAD Outlook – February 15-19
In the past week, the loonie gained nice ground against the greenback. The upcoming week provides many important indicators. Here’s an outlook for the Canadian events and an updated technical analysis for USD/CAD.
USD.CAD graph with resistance and support lines marked. Click to enlarge:
The most important release is CPI. Can prices pick up and accelerate the [...]
Forex Daily Outlook – January 21st 2010
Another busy day is due with Chinese figures in the limelight. Let’s see what’s up for today. Will the dollar continue raging?
EUR/GBP, which I’ve been following in the past week is definitely continuing the free fall, breaking more support lines on the way down. The main reason is the weakness of the Euro.
USD/CAD Outlook – January 18-22
Looking for the latest outlook for this week? Check the full section: Canadian Dollar Forecast
The Canadian dollar tested new ground but closed the week almost unchanged. The upcoming week is quite busy, with a rate decision being the highlight. Here’s an outlook for the 8 events that await the Canadian dollar, and an updated technical [...]
Forex Daily Outlook – December 18th 2009
This turbulent week comes to an end with a Japanese rate decision and important releases from Britain and Germany. Let’s see what’ up for today:
Britain starts the day with the release of the GfK Consumer Confidence which is expected to rise after a disappointing fall last month to -17 points. Note that this confidence indicator [...]
USD/CAD Forecast – December 14-18
Looking for the latest outlook for this week? Check the full section: Canadian Dollar Forecast.
The Canadian dollar managed to remain stable in another week of greenback strength. The upcoming week contains important inflation figures and 7 more events that will shape the loonie’s direction. Here’s an outlook for the upcoming week, and an updated technical [...]
Forex Daily Outlook – November 19th 2009
Currencies continue to trade in narrow ranges. Today, British retail sales and American unemployment claims stand out. Let’s see what’s up for today.
In Australia, Guy Debelle, the RBA Assistant Governor, will be making a public appearance, and might give some more hints about the upcoming rate decision in December. Also note the RBA Monthly Bulletin.
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