Forex Daily Outlook – April 6th 2010
Daily Look

Forex Daily Outlook – April 6th 2010

After everyone returned from the holiday, a rate decision in Australia and the FOMC Meeting Minutes are expecting us, among other figures. Let’s see what’s awaiting us today:

Australia provides a strong start to the day. First, the ANZ Job Advertisements are expected to give an indication for the employment figures later in the week. This will shake the Aussie towards the main course:

There still is great uncertainty about the rate decision. Some think that the RBA will push through with another rate hike from 4% to 4.25% while other are certain that Glenn Stevens will pause this time. This uncertainty means high volatility.

Update: the RBA raised the rates. The Aussie is on the march.

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

Japan’s Leading Indicators will probably rise. In Switzerland, CPI is expected to rise by 0.1%, exactly like last month.

In Europe, the Sentix Investor Confidence is predicted to rise from -7.5 to -5.9, still in the negative zone. For more about the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.

In Britain, Construction PMI is expected to edge up from 48.5 to 48.8 points, still under the 50 point mark meaning economic contraction. Near the end of the day, Nationwide Consumer Confidence is expected to rise from 80 to 81 points, continuing the steady recovery.

For more on the Pound, read the GBP/USD forecast.

The American FOMC Meeting Minutes will reveal the talks inside the central bank regarding the rate policy, and the growing divide between Thomas Hoeing, that wants a hawkish policy and the rest of the members. This event will cause choppy trading.

That’s it for today. Happy forex trading.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.