Forex Daily Outlook – April 6 2011

Ivey PMI in Canada & Manufacturing Production in the UK are only a few of today’s highlights. Let’s see what awaits us today.

 In the US, Crude Oil Inventories, barrels of held in inventory by commercial firms during the past week; is about to be 2.9M. Impacts growth as many industries rely on oil to produce goods.

In Canada, Ivey Purchasing Managers’ Index (PMI), Survey of about 175 purchasing managers, selected geographically and by sector of activity to match the economy as a whole, which asks respondents to rate the relative level of business conditions. Indicates industry expansion with 65.5 points.

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

In Europe, German Factory Orders, new purchase orders placed with manufacturers; about to reduce by 2.3%. It’s a leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders.

Also in  Europe, Final Gross Domestic Product (GDP) is due to remain 0.3%.

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

In Great Britain, Manufacturing Production, value of output produced by manufacturers; is about to droop down by 0.4%

More in Great Britain, National Institute of Economic and Social Research (NIESR) Gross Domestic Product (GDP) Estimate, is due to remain 0.2%.

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

In Switzerland, Consumer Price Index (CPI), price of goods and services purchased by consumers; is about to reduce by 0.2%. Consumer prices account for a majority of overall inflation.

In Australia, Employment Change, employed people during the previous month; is about to rise by 34.4K. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.

More in Australia, Unemployment Rate, unemployed and actively seeking employment during the previous month; is due to remain 5%. Important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.

 Finally in Australia, Australian Industry Group (AIG) Construction Index, Survey of about 120 construction companies to rate the relative level of business conditions, indicates contraction with 44.6 points.

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

In Japan, Leading Indicators, index based on 12 economic indicators; is about to rise by 0.2%.

That’s it for today. Happy forex trading!