Forex Daily Outlook – April 8 2011

Very interesting day in Canada: Unemployment Rate, Housing Starts and more. Let’s see what awaits us today.

In the US, Wholesale Inventories, total value of goods held in inventory by wholesalers is about to rise by 0.1%. Signal of future business spending because companies are more likely to purchase goods once they have depleted inventories.

In Canada, Employment Change, employed people during the previous month; is about to rise by 17.3K. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.

More in Canada, Unemployment Rate, unemployed and actively seeking employment during the previous month; is about to reduce by 0.1%. Important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.

Finally in Canada, Housing Starts, new residential buildings that began construction during the previous month is about to reduce by 25K. Leading indicator of economic health.

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

In Europe, The Economic and Financial Affairs Council (ECOFIN) Meetings, usually held in Brussels and attended by Finance Ministers from EU member states. Is the Eurozone’s broadest financial decision making body. The council coordinates economic policies of the 27 member states, and their decisions can have a widespread effect on the Eurozone’s economic health.

Also in  Europe, French Gov Budget Balance, value between the central government’s income and spending for the year-to-date; indicates a deficit with -13.4B.

Finally in Europe, German Trade Balance, value between imported and exported goods during the reported month is about to rise by 2.4B.

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

In Great Britain, Producer Price Index (PPI) Input, price of goods and raw materials purchased by manufacturers is about to rise by 1.1%.

More in Great Britain, Producer Price Index (PPI) Output, price of goods sold by manufacturers  is about to rise by 0.2%.

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

In Switzerland, Unemployment Rate, is due to remain 3.3% similar to the previous month. Important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.

In Japan, Bank of Japan (BOJ) Monthly Report, It contains the statistical data that the BOJ Policy Board members evaluated when making the latest interest rate decision, and provides detailed analysis of current and future economic conditions from the bank’s viewpoint.

More in Japan, Economy Watchers Sentiment, Survey of about 2,000 workers to rate the relative level of current economic conditions, indicates pessimism; with 49.6 points.

That’s it for today. Happy forex trading!