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Forex Daily Outlook – March 6th 2009

Today is the day of the monthly circus: Non Farm Payrolls will keep tensions up all day, and after it, the market might “explode”. The are a few other releases. Let’s cover them…

In Switzerland, monthly CPI is expected to be almost unchanged, dropping 0.1% after last month’s fall of 0.8%.

At 9:30 GMT, in Britain, PPI data will be released: Both PPI Input and PPI Output are  predicted to maginally rise by 0.1%.

And then, 4 hours of tension without any release.

And at 13:30,  Non-Farm Employment Change is expected to deepen – a fall of 647,00 jobs is predicted, after a fall of 598.000 last month. Quite a depressing outlook. After this week’s data, some analysts predict an even worse result while others find reasons to be cheerful.

The accompanying figure, Unemployment Rate is officially expected to rise from 7.6% to 7.9%. But since Unemployment Rate was higher than expected in the previous months, a figure above 8% won’t be shocking to traders.

At the same time,  Average Hourly Earnings are published, and a rise of 0.3% is expected.  

Later, at the time when dramatic moves happen,  Federal Reserve Bank of New York President William Dudley will speak about the economy. This will be interesting to hear comments from the central bank after the new Non Farm Payrolls will be released.

And that’s it for one of the craziest weeks in the forex market…

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.