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Forex Daily Outlook May 31 2013

We end this week with Canadian GDP and US consumer related data as the major events this day. Here is an outlook on the market-movers awaiting us.

In the US, Core PCE Price Index  , measuring inflation in sold goods and services, remained unchanged in March following a 0.1% gain in the previous month. Analysts expected the index to rise 0.1%. The same climb of 0.1% is expected now.

Later in the US, Personal Spending measures private consumption, gained 0.2% in March in line with market forecast, following a 0.7% rise in February. Another 0.2% increase id predicted.

Later on in the US, Chicago PMI surveys company managers’ sentiment in Chicago, edged down to 49.0 in April from 52.4 in the previous month, indicating pessimism, while analysts expected an improved reading of 52.5.  A rise to 50.3 is forecasted now.

Finally in the US, Revised UoM Consumer Sentiment. The University of Michigan consumer sentiment surprised with an upwardly revision to 76.4, from a preliminary 72.3, indicating expansion in the market. The reading was better than the 73.3 projected by analysts. Another surge to 84.1 is expected this time.

In Canada, GDP. The Canadian market expanded 0.3% in February, beating predictions for a 0.2% gain and following 0.3% climb in January. A modest climb of 0.1% is anticipated this time.

For more on USD/CAD, read the  Canadian dollar forecast.

In Europe, Italian Quarterly Unemployment Rate, The quarterly measure of unemployed in the last quarter of 2012 reached 11.2%, up 0.5% from the previous quarter, indicating further worsening in the Italian job market caused by the prolonged recession and political deadlock. Economists expected a better reading of 10.8%. No change is expected in the first quarter of 2013.

Later in Europe,  CPI Flash Estimate. Inflation in the Euro area climbed 1.2% in April, lower than the 1.6% projected by analysts and following 1.7% rise in March, indicating less activity in the market. A rise of 1.4% is expected now.

Finally on in Europe, Unemployment Rate. Unemployment in the Eurozone edged up 0.1% in March, in line with predictions. Another rise of 1.4% is forecasted now.

For more on the Euro, read the  Euro to dollar forecast.

In Great Britain, Net Lending to Individuals. Britons lowered their loans in March to 0.9 billion, following 1.3 billion in February amid growing concern over UK’s economic outlook. The reading was in line with market expectations. The same reading is expected this time.

Read more about the Pound in the  GBP/USD forecast.

In Switzerland, KOF Economic Barometer. A combination of 12 economic indicators revealed a slight improvement in Swiss economy during April with a reading of 1.02 following 1.0 in the previous month. The reading was higher than the 0.98 estimated by analysts. A further improvement to 1.08 is anticipated now.

Read more about the Swiss franc in the USD/CHF forecast.

Trade well

Anat Dror

Anat Dror

Anat Dror Senior Writer I conceptualize, design and create multi-lingual websites. Apart from the technical work, my projects usually consist of writing content for these sites in English, French and Hebrew. In the past, I have built, managed and marketed an e-learning center for language studies, including moderating a live community of students. I've also worked as a community organizer