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Forex Daily Outlook – December 3rd 2009

After a calm day, the calendar is full again: a rate decision in Europe and Ben Bernanke’s testament are in the limelight. And there’s more from all over the world. Let’s see what’s up for today:

Australian Retail Sales supply a strong start for the day, with an expected rise of 0.4%, after a 0.2% drop. AUD/USD is gradually climbing upwards, following the rate decision on Tuesday.

In Britain, Services PMI are predicted to edge up from 56.9 to 57.1 points. The complementary figure, Manufacturing PMI disappointed earlier this week.

For more on GBP/USD, read the British Pound forecast.

In Europe, Retail Sales are a warm-up to the rate decision. European retail sales are predicted to rise this time, after falling last month. Note that the biggest countries in the Euro-zone have already published their figures.

European third quarter GDP growth is expected to be confirmed at a rise of 0.4%, following the preliminary release. Apart form the first release, Final GDP has already been published by the big countries.

European interest rate is expected to remain unchanged at 1%. Jean-Claude Trichet’s ECB isn’t expected to move the Minimum Bid Rate this time. Talks about a strong dollar or an exit strategy might shake the Euro at the ECB Press Conference.

For more on the Euro, read the EUR/USD forecast.

American Unemployment Claims are expected to rise from 466K to 479K. This weekly release is the last employment figure before tomorrow’s Non-Farm Payrolls. ADP Non-Farm Employment Change disappointed yesterday with a bigger-than-expected loss of jobs.

ISM Non-Manufacturing PMI is expected to edge up from 50.6 to 51.6 points. Earlier this week, the complementary figure of Manufacturing PMI disappointed.

Ben Bernanke testifies in Washington, and will face hard questions. The politicians will be debating a second term for the Chairman of the Federal Reserve. He is expected to be “grilled” on the situation of the economy, that is far from perfect, to say the least.

That’s it for today. Non-Farm Payrolls are tomorrow…

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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.