Forex Daily Outlook August 29 2012

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Prelim GDP in the US and Nationwide HPI in the UK are the main events today.  Here is an outlook on the market-movers awaiting us

In the US, Prelim Gross Domestic Product (GDP), the total annualized value change of the economy production of goods and services, rise of 0.2% is likely up to 1.7% from the last quarter. Meanwhile on the Prelim GDP Price Index no change is expected and 1.6% is due to remain.

Later in the US, Pending Home Sales, shows the number of homes to be sold that are under contract but still awaiting the closing transaction (not including new building),  rise is due from -1.4% on July up to 1.1% now.

Also in the US, Crude Oil Inventories, weekly report to value the commercial firms crude oil barrels that are held in inventory, -5.4M is forecasted similar to the last month report.

Finally in the US, Beige Book is that is published 8 times per year, 2 weeks before each Federal Open Market Committee (FOMC) meeting is due now.

In Canada, Raw Materials Price Index (RMPI), the manufacturers price change of raw materials, rise is predicted from -4.0% on July up to 2.3% this time. And similar rise is expected in the Industrial Product Price Index (IPPI) up to 0.5% from -0.3% in July.

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

In Europe, German Prelim Consumer Price Index (CPI), the consumer’s price change of goods and services, reduce of 0.2% is likely from 0.4% on July.

For more on the Euro, read the Euro to dollar forecast.

In Great Britain, Nationwide House Price Index (HPI), shows the selling price of homes with Nationwide mortgages, rise from -0.7% on the last monthly report up to 0.2% this time is estimated

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

In Switzerland, KOF Economic Barometer, composite index that is based on 12 financial indicators, likely to rise from  1.43 points on July up to 1.52 now.

Read more about the Swiss franc in the USD/CHF forecast.

In Australia, Construction Work Done, important indicator construction industry that measures all the inflation-adjusted value of construction projects completed, reduce is predicted from 5.5% on the last quarter down to 1.1% this time.

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

In New Zealand, Building Consents, value the number of new structure approvals that were issued over the last month, 5.7% is expected similar to the last time.

For more about the kiwi, see the NZD/USD forecast.

In Japan, Retail Sales, the total value of retail level sales, reduce of 0.2% from the last time is calculated.

Read more about the yen in the USD/JPY forecast.

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About Author

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

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