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Forex Daily Outlook – March 10th 2009

After Monday didn’t bring us much news but some fine breakouts, Tuesday has a wide range data, with British  Manufacturing Production and a speech by Ben Bernanke as the highlights of the day. Let’s see what’s up.

Right at midnight GMT, the beaten British Pound will get more news:  BRC Retail Sales Monitor and  RICS House Price Balance will be released, with the latter expected to fall by 75.8%, mildly better than last month’s fall of 76.3%.

Australia’s  NAB Business Confidence will be released in the early hours of the morning. Last time it fell by 32 points. Australia, despite a contracting economy, is still one of the world’s strongest economies.

Then, Europe will get attention with German  Trade Balance and CPI,  and later French  Industrial Production, Trade Balance and Government  Budget Balance. The Euro is sticking to a range. Maybe this data will move it.

Later on in Britain,  Manufacturing Production  change is expected to get better, falling “only” 1.5% this time, after last month’s 2.2% fall. After the  British banks brought the pound down  on Monday, this release could send the cable further down.

Ben Bernanke is due to speak about  Financial Reform to Address Systemic Risk. Since audience questions are part of this session, he might encounter tough questions that could produce interesting answers.

Later in the US,  IBD/TIPP Economic Optimism is expected to decline to 42.8 and  Wholesale Inventories to squeeze by 1%.

And just before midnight GMT,  Core Machinery Orders will be published in Japan. Orders are expected to dive faster than last time: -4.9% instead of 1.7%.

Happy Forex Trading!

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.