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Forex Daily Outlook – September 17th 2009

Many currencies are enjoying YTD highs against the beaten dollar this morning. The calendar is packed with events from all over the world. The Swiss rate decision might include an intervention in the markets. Let’s see what’s up today. Take a deep breath.

The BOJ left the interest rate unchanged at 0.1%, low even for over zero-interest-rate-policy countries. Apart from the Overnight Call Rate, in their Monetary Policy Statement, the BOJ upgraded the forecast for the economy. The upcoming BOJ Press Conference should supply more data. USD/JPY is now trading at 91.10.

British Retail Sales are expected to rise by 0.2%, after a 0.4%. At the same time, Consumer Inflation Expectations are also due. Later in Britain, CBI Industrial Order Expectations are expected to stay negative, but rise from -54 to -49.

GBP/USD is now trading around 1.65. Note that the Pound crosses, such EUR/GBP are not so favorable for the Pound. For more on GBP/USD, read the British Pound Outlook.

The rising EUR/USD, now at 1.4740, will expect the Trade Balance figure later on, which is expected to show a surplus of 1.2 billion.

For more on this week in the Euro, read the EUR/USD Outlook. For an updated technical analysis for the EUR/USD, read Casey Stubbs’s latest analysis.

It’s Canada’s turn for the CPI release. It’s expected to rise by 0.2%, after falling last month. Core CPI is expected to rise by 0.1% after not moving last month. Later in Canada, the Leading Index is expected to show a rise of 0.5%.

The Canadian dollar is making nice gains. For the weekly overview, check out the Canadian Dollar Outlook..

In Switzerland, it’s time for a new Libor Rate. Many forex traders fear that the SNB will intervene in the markets and send USD/CHF upwards. It’s currently trading at 1.0303, very low. The SNB will state their policy via the SNB Monetary Policy Assessment. For more on the Swissy, read the USD/CHF Outlook.

In the US, the falling dollar will meet two housing figures: Building Permits are expected to rise from 560 to 580K. Housing Starts are expected to rise from 580K to 600K.

Amidst fears regarding the job market, Unemployment Claims are expected to rise from 550 to 554K.

Also in the US, the Philly Fed Manufacturing Index is expected to rise from 4.2 to 8.2 points.

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.