Forex Daily Outlook – February 8 2011

Housing Starts in Canada & FOMC Member Fisher Speaks in in Dallas are only some of the interesting events coming up today. Let’s see what awaits us.

In the US, Federal Reserve Bank of Dallas President Richard Fisher, due to deliver a speech titled “A Report on the Economy” at the Stemmons Corridor Business Association Annual Meeting, in Dallas.

Later in the US, Investor’s Business Daily (IBD) / TechnoMetrica Institute of Policy and Politics (TIPP) Economic Optimism, Survey of about 900 consumers to rate the relative level of economic conditions, indicates optimism with 52.8 points.

In Canada, Housing Starts, new residential buildings that began construction during the previous month; is due to rise by 0.3K. Building construction produces a wide-reaching ripple effect.

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

In Europe, German Industrial Production, value of output produced by manufacturers, mines, and utilities. A leading indicator that about to rise by 0.9%.

Also in  Europe, French Trade Balance is about to reduce by 0.2B, Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation’s exports. Export demand also impacts production and prices at domestic manufacturers.

Finally in Europe, French Gov Budget Balance, Difference in value between the central government’s income and spending for the year-to-date indicates a deficit with -140.7B.

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

In Great Britain, British Retail Consortium (BRC) Retail Sales Monitor, value of same-store sales at the retail level is due to remain 0.3% like on the previous month.

More in Great Britain, British Retail Consortium (BRC) Shop Price Index, price of goods purchased at BRC-member retail stores is due to remain 2.1% like on the previous month.

Finally in Britain, RICS House Price Balance is due to rise by 1%. Leading indicator of housing inflation because surveyors have access to the most recent price data by virtue of their job.

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

In Switzerland, Unemployment Rate, total work force that is unemployed and actively seeking employment during the previous month is about to reduce by 0.1%.

In Australia, National Australia Bank (NAB) Quarterly Business Confidence, Survey of about 1,000 businesses to rate the relative level of current business conditions and expectations for the near and medium-term future, indicates improving conditions with 9 points.

Later in Australia, Westpac Consumer Sentiment, Survey of about 1,200 consumers to rate the relative level of past and future economic conditions, is due to remain -5.7 like on the previous month.

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

In Japan, Economy Watchers Sentiment, Survey of about 2,000 workers to rate the relative level of current economic conditions, indicates pessimism; with 45.6 points.

That’s it for today. Happy forex trading!