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Forex Daily Outlook – June 2nd 2009

The Australian interest rate decision promises a strong opening for the day. Later on, European Unemployment Rate and American Pending Home Sales will dominate the scene. Let’s see what’s up for today:

Australian  Building Approvals start the day. They are expected to rise by 2.1%, less than last month’s 3.5%. Current Account is predicted to show a deficit of 5.4 billion, smaller than last month’s 6.5 billion.  

At 4:30 GMT, a new interest rate will be announced in Australia. The RBA isn’t expected to change the high Cash Rate, at 3%. The focus will be on the RBA Rate Statement, which might indicate the RBA’s views on the economy and hint on the next steps.

For a special coverage of the Aussie, read  Will Australia go Down Under? Aussie Outlook

Swiss GDP for the first quarter is predicted to show a fall of 1.4%, after dropping by 0.3% in the previous quarter. Watch for moves in the USD/CHF. Also in Switzerland,  SVME PMI is predicted to rise from 34.7 to 36.5.

In Britain, Halifax HPI might be published today. This isn’t certain…What is certain is the Construction PMI, a highly related figure which is predicted to rise from 38.1 to 29.1. Also in Britain,  Net Lending to Individuals is predicted to rise to 1 billion. Near the end of the day,  Nationwide Consumer Confidence  is predicted to rise to 52 points.

For a special coverage of British events, read:  Britain’s Got Talent.

European Unemployment Rate is probably still on the rise: expectations are for a rise from 8.9% to 9.1%. This will put pressure on Jean-Claude Trichet.

In the US, the main figure is  Pending Home Sales. After a nice rise of 3.2%, they are expected to be modest time, rising only by 0.4%.

Another notable figure is the  Total Vehicle Sales. With General Motors Bankruptcy in the background, this figure may well impact the greenback.

That’s it for today. 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.