Home Forex Daily Outlook – August 3rd 2009
Daily Look

Forex Daily Outlook – August 3rd 2009

The greenback began the new forex trading week a little stronger.  Manufacturing PMI and American  ISM Manufacturing PMI are the main events for today. Let’s see what’s up for today, in the first day of the new NFA regulations.

Japanese  Average Cash Earnings disappointed and fell by 7.1%, more than 3.6% that was expected. The Yen weakened after this release.

German  Retail Sales fell by  -1.8%, which was a big disappointment: it was expected to rise by 0.4%. In Switzerland,  SVME PMI printed a better than expected result, by hitting 44.3 instead of 43.6.

British Manufacturing PMI is predicted to edge up from 47 to 47.7. For more on the British Pound, check out the GBP/USD Outlook.

ISM Manufacturing PMI is the main release for today. After a setback last time, it’s expected to continue rising, this time up to 46.4. This will set the direction of the dollar for the many hours ahead.

Also in the US,  Construction Spending is expected to fall by 0.5%, and  ISM Manufacturing Prices is predicted to rise from 50 to 51.

New Zealand’s  Labor Cost Index is predicted to rise by 0.5%, exactly like last month. This important kiwi publication will impact NZD/USD. For more on the New Zealand dollar, read the NZD/USD Outlook.

That’s it for today. Things get much more busy later on. For further reading:

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.