Forex Daily Analysis – February 5th 2009
Daily Look

Forex Daily Analysis – February 5th 2009

Today is a big day in the Forex market: Rate decisions are due in Britain and in Europe. There are also interesting figures in the US today.

In Britain, the Halifax HPI will impact the British pound before the rate statement. It is expected to fall by 1.7%, better than last month’s fall that moved the markets.  

The big prize in Britain will be at 12:00 GMT, with a new  Official Bank Rate. It is expected to fall to another historic low and stand at 1%. The accompanying  MPC Rate Statement will also be of interest to forex traders.

In Europe, the game will begin with the  German Factory Orders that is expected to fall by 2.2%, a little bit better than last month’s figure.

The rate in Europe (at 12:45) isn’t expected to move, after Jean Claude Trichet’s statements last time, that the upcoming meeting is too close.  Minimum Bid Rate is expected to stay at 2%. The  ECB Press Conference will be at 13:30 GMT, colliding with American news.

In the US, the weekly  Unemployment Claims is expected not to change, and to stay aaround 585,000. This data will add to speculations about the Non Farm Payrolls due tomorrow.  

Also in the US: quarterly  Prelim Non farm Productivity,  Prelim Unit Labor Costs and  Factory Orders. But all eyes in America are already waiting for tomorrow.

In Canada, note the monthly  Building Permits that is expected to fall by 5%, after last month’s dive of 11.8%. Also in Canada,  Ivey PMI that is expected to stay unchanged.

All in all, a big day today in Europe and Britain, while tensions rise towards tomorrow’s NFP. Enjoy!

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.