Forex Daily Outlook – May 10 2010
Daily Look

Forex Daily Outlook – May 10 2010

As Britain faces a hung parliament the Bank of England interest rate decision is of major importance; the decision to maintain the interest rate continues to support the real economy, let’s see what other influential events await us today.

In Canada, Housing Starts, Released monthly, is expected to remain the same as in previous month 201,000.

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

In Europe, French Industrial Production shows an optimistic rise of 0.3% from the previous month.

Great news from Germany, the Trade Balance is expected to edge up by 2.3B, which has an overall positive effect on the market.

More in Germany, Final CPI measuring the change in the price of goods sold by wholesalers is expected to remain -0.1% as in previous month, while the Wholesale Price Index (WPI); is expected to drop by 1%.

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

In Great Britain, Official Bank Rate statement is issued, The Bank of England is foreseen to hold the interest rate at 0.50% and keep its Asset Purchase Facility at 200B, and supporting the real economy.

Later in Great Britain, British Retail Consortium (BRC); Retail Sales Monitor, the level of a diffusion index based on surveyed property surveyors; released monthly is expected to rise up to 12% from the previous 9%.

Finally in Britain, Royal Institution of Chartered Surveyors (RICS), measuring the change in the value of same-store sales at the retail level; Released monthly will probably remain around 4.4%.

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

In Switzerland, State Secretariat for Economic Affairs (SECO); measuring the level of a composite index based on surveyed households; Released every 3 months, is expected to rise up to 2 from -7 Points indicates optimism in the overall market activity.

Australia and New Zealand Banking Group (ANZ); Measuring the change in the number of jobs advertised in the major daily newspapers and websites covering the capital cities; will probably remain around 1.8% as previous month.

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

In Japan, Monetary Policy Meeting Minutes is released by the Bank of Japan (BOJ); It’s a detailed record of the BOJ Policy Board’s meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates;

That’s it for today. Happy forex trading!

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.

Anat Dror

Anat Dror

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