Forex Daily Outlook – April 8th 2009
Daily Look

Forex Daily Outlook – April 8th 2009

Today’s major events are Australian Home Loans, Canadian Housing Starts and the very interesting FOMC Meeting Minutes.

Australian Home Loans disappointed with a modest rise of 0.4%, contrary to early expectations of a 2%. The  Westpac Consumer Sentiment rose by 8.3%, totally different than last time, a fall of 0.1%.

German Trade Balance showed a surplus of 8.9B, significantly more than 7.5B that was expected, and more than last month’s revised figure of 6.8B.

Also French Trade Balance showed a deficit of 4.1B, within expectations. Later in Europe, German Factory Orders are expected to fall by 2.4%. Will EUR/USD be relieved from the aftershocks?

In Canada, Housing Starts are expected to be stable, at 131K. Currently, Canadian housing is still falling, not like American housing.

In the US, Wholesale Inventories are expected to fall by 0.6%. The biggest event of today in the US, FOMC Meeting Minutes. It will be very interesting to see what the FOMC members were thinking when they decided on printing one trillion dollars.

Near the end of the day, Japanese Core Machinery Orders are expected to plunge by 6.8%, much more than last time.

Happy Forex Trading!

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.