Forex Daily Outlook – June 8 2011

Beige Book in the US and GDP in Europe are the main events today.   Here is an outlook on the market-movers awaiting us

in the US, Beige Book survey gathered by the 12 Federal Reserve Districts on the recent US economic state, to show the overall US economic growth.

More In the US, MBA Mortgage Applications, weekly index measures home loan demand a leading indicator of home sales is negative sign for the USD is expected with -3.96%.

Finally in the US, EIA Crude Oil Stocks Change (Energy Information Administration), inventories and indicator of oil request and rates effect on worldwide budget, and can impact the CAD since Canada is the world’s fourteenth prime oil producer. 2.9 million Is forecasted now.

In Canada, Housing Starts, by the Canadian Mortgage and Housing Corporation that measures the amount of new buildings or homes that were built. 185 K is expected now, a rise of 6 K.

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

In Europe, Gross Domestic Product (GDP), measuring the total value of all goods and services produced by the Eurozone. Gained 0.3% in the last quarter of 2010, a further increase of 0.8% is predicted.

More in Europe, Industrial Production in Germany, Measures the changes of output in mining, manufacturing, construction and energy sectors in Germany a strong indicator of industrial conditions increased 11.2% in March and it is expected to decrease to 10%.

Also in  Europe, Trade Balance in Germany, measuring the difference between the value of import and export. Reached a surplus of €15.2 billion in March. A drop to €15.0 billion is expected now

Finally in Europe, Current Account, net flow of current businesses, services, goods and interest costs in Germany 11.4 billion is expected now.

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

In Switzerland, Unemployment Rate the percentage of people actively seeking employment and affects consumer spending an indicator of economic conditions, reached 3.1% in April and is expected to drop to 3%.

In Australia, Unemployment Rate the percentage of people actively seeking employment and affects consumer spending an indicator of economic conditions is expected to 4.9% while the Employment Change that measuring the change in the number of unemployed people is expected to be 25K.

 

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

In New Zealand, RBNZ Interest Rate Decision published by the Reserve Bank of New Zealand (RBNZ). Remained Unchanged in May 2.5%.  and is expected to be maintained now.

In Japan, Eco Watchers Survey shows basic material for evaluating short-term financial trends in Japan increased to 38.4 in April a drop to 33.3 is predicted.

More in Japan, Gross Domestic Product (GDP), total value of all goods and services produced by Japan decrease by 0.3% in the last quarter of 2010 a further drop of 0.8% is expected now.

That’s it for today. Happy forex trading!