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Forex Daily Outlook – April 7th 2009

Two rate statements dominate the day. They come from Japan and Australia. Also British data is interesting today. Let’s see what’s up.

Forex is big in Japan on Tuesday: BOJ will announce the new  Overnight Call Rate. Since the BOJ isn’t expected to change the rate, the focus will be on the  Monetary Policy Statement. If the Bank of Japan will decide on some special moves, we could see the USD/JPY climb towards the next goal: 103.

RBA Cash Rate is a riddle: will they leave it high in the sky at 3.25%? Or will the RBA cut interest rates? Since the decision doesn’t enjoy a consensus, it will have a lot of impact on the AUD/USD. Also the accompanying  RBA Rate Statement will be of interest. All this happens at 4:30 GMT.   AUD/USD Mobile Price Alert

In Britain,  Manufacturing Production Mobile News Alert is expected to fall by 1.4%, after plunging by 2.9% last month. Given the recent good British data, a positive surprise isn’t out of the question. Near the end of the day, British  Nationwide Consumer Confidence is expected to rise to 45, from 43.

In the US,  IBD/TIPP Economic Optimism is expected to stay almost unchanged at 45.1.  Consumer Credit is expected to fall by 2.2B. Both figures aren’t very important..

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.