Forex Daily Outlook – March 10 2011

Trade Balance in the US and Canada, Official Bank Rate in the UK are some of the exiting event that await us on today’s outlook.

In the US, Unemployment Claims, individuals who filed for unemployment insurance for the first time during the past week; is about to rise by 7K. This is the nation’s earliest economic data. The market impact fluctuates from week to week.

Later in the US, Trade Balance, value between imported and exported goods and services during the reported month is about to reduce by 0.8B. Indicates that more goods and services were imported than exported.

Finally in the US, Federal Budget Balance, value between the federal government’s income and spending during the previous month, is about to decries by 183.5B.

In Canada, Trade Balance, value between imported and exported goods during the reported month is due to be 2.5B and indicates that more goods were exported than imported. About 65% of Canadian exports are purchased by the US.

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

In Europe, Deutsche Bundesbank President Axel Weber, Due to speak about financial regulation at the German Embassy, in London.

Also in  Europe, European Central Bank (ECB) Monthly Bulletin, It reveals the statistical data that the ECB Governing Board evaluated when making the latest interest rate decision, and provides detailed analysis of current and future economic conditions from the bank’s viewpoint.

Finally in Europe, French Industrial Production, value of output produced by manufacturers, mines, and utilities is about to rise by 0.3% and correlated with consumer conditions such as employment levels and earnings.

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

In Great Britain, Monetary Policy Committee (MPC) mRate Statement, It’s among the primary tools the MPC uses to communicate with investors about monetary policy.

More in Great Britain, Official Bank Rate, Interest rate at which banks lend balances held at the BOE to other banks; is due to remain 0.50%. Short term interest rates are the paramount factor in currency valuation – traders look at most other indicators merely to predict how rates will change in the future.

Later in Great Britain, Manufacturing Production, value of output produced by manufacturers; is due to rise by 0.9%. Manufacturing makes up around 80% of total Industrial Production and tends to dominate the market impact.

Finally in Britain, Asset Purchase Facility, Total value of money the BOE will create and use to purchase assets in the open market; is due to remain 200B.

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

In Australia, Reserve Bank of Australia (RBA) Governor Glenn Stevens, due to speak at the Australian Business in Europe Luncheon, in London.

Late in Australia, Reserve Bank of Australia (RBA); Assistant Governor (Financial Markets) Dr. Guy Debelle; due to testify before the Parliamentary Joint Committee on Corporations and Financial Services, in Sydney.

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

In New Zealand, Real Estate Institute of New Zealand (REINZ), House Price Index (HPI) is about to remain -2.6%. It’s a leading indicator of the housing industry’s health because rising house prices attract investors and spur industry activity.

In Japan,

That’s it for today. Happy forex trading!