Forex Daily Outlook – December 1 2010

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A very busy day ahead of us, ISM Manufacturing PMI in the US, Manufacturing PMI in the UK and more interesting events. .Let’s see what awaits us today.

In the US, ADP Non-Farm Employment Change, number of employed people during the previous month, excluding the farming industry and government is about to rise by 27K Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.

Later in the US, The Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI); Survey of about 400 purchasing managers to rate the relative level of business conditions, indicates industry expansion with 56.04 points.

Later in the US, Federal Reserve Governor Janet Yellen, due to deliver a speech titled “Fiscal Responsibility and Global Re-balancing” at the Committee for Economic Development 2010 International Counterparts Conference, in New York. Drop subtle clues regarding future monetary policy.

More in the US, Treasury Currency Report, It provides a detailed review of global exchange rate policies, economic conditions, and central bank and government actions around the world. Most importantly, the report outlines counties that the Treasury deems currency manipulators.

Also in the US, Beige Book, This analysis is used by the FOMC to help make their next decision on interest rates. Along with 2 non-public books – the Green Book and the Blue Book.

Moreover in the US, Revised Nonfarm Productivity, labor efficiency when producing goods and services, excluding the farming industry is about to rise by 0.5%. Productivity and labor-related inflation are directly linked.

Finally in the US, Crude Oil Inventories, crude oil held in inventory by commercial firms during the past week is about to reduces by 1.8M. It influences the price of petroleum products which affects inflation.

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

In Europe, German Retail Sales, sales at the retail level, excluding automobiles and gas stations is about to reduce by 0.4%. Primary gauge of consumer spending, which accounts for the majority of overall economic activity.

Also in Europe, Final Manufacturing Purchasing Managers’ Index (PMI); Survey of about 600 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories; is due to remain 55.5% similar to the previous month.

For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.

In Great Britain, Manufacturing PMI, Survey of about 600 purchasing managers to rate the relative level of business conditions. Leading indicator of economic health about to be 54.8 points, similar to the previous month.

More in Great Britain, Halifax House Price Index (HPI), price of homes financed by HBOS is about to reduce by 1.5% while the Nationwide HPI  is about to , selling price of homes with mortgages backed by Nationwide is about to rise by 10%. Rising house prices attract investors and spur industry activity.

Later in Great Britain, BOE Deputy Governor Paul Tucker; Due to speak at the “The Future of Financial Services: A New Regulatory Framework” conference, in London.

Finally in Britain, BOE Chief Economist Spencer Dale; Due to speak at the University of Kent Business School’s 20th Anniversary Celebrations, in Canterbury.

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

In Switzerland, SVME PMI Survey of about 200 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories; indicates industry expansion with 60.6 points.

In Australia, Gross Domestic Product (GDP), all goods and services produced by the economy is about to reduce by 0.7%. Broadest measure of economic activity and the primary gauge of the economy’s health.

More in Australia, Commodity Prices, selling price of exported commodities is due to by 46.6% similar to the previous month. Leading indicator of the nation’s trade balance with other countries.

For more on the Aussie, read the AUD/USD forecast.

In Japan, Capital Spending, total value of new capital expenditures made by businesses is about to rise by 7.8%. leading indicator of economic health

That’s it for today. Happy forex trading!

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About Author

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

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