Forex Daily Outlook – August 4 2010
Daily Look

Forex Daily Outlook – August 4 2010

U.S. ADP an early indicator of non-farm payrolls and US ISM Non-Manufacturing Index are the major activities on our menu. Here is an outlook on today’s market moving events.

U.S. Automatic Data Processing Employment Report, a preliminary estimate for the outcome of the monthly non-farm payrolls is expected to add as many as 36,000 new jobs in July, as opposed to only 13,000 jobs in June. Faster private sector jobs creation could reduce the number of jobs forecasted to be lost in Friday’s non-farm payrolls report.

More in the US, ISM Non-Manufacturing Index, leading indicator of economic conditions in the services industries: agriculture, mining, construction, transportation, communications, wholesale trade and retail trade reflecting the U.S. economic slowdown with activity in the services industries pulling back to 53.3 from a previous reading of 53.8.

Finally in the US, Crude Oil Inventories predicted to decrease by 1.4B following 7.3M rise in the previous week and Challenger Job Cuts decreased by 47.1% and is likely to continue decreasing.

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

In Europe, Retail Sales a  primary gauge of consumer spending is predicted a flat reading following 0.1% increase in the previous month.

More in Europe, Final Services PMI based on a survey of about 600 purchasing managers asked to rate the relative level of business conditions is forecasted to remain 56.0 points.

For more on the Euro, read the  EUR/USD forecast and Casey Stubbs’  latest analysis.

In Great Britain, In Great Britain, Halifax House Price Index a leading indicator of the housing industry’s health  predicted 0.4% drop following the unexpected 0.6% dip in June.

More in Great Britain, Services PMI based on surveyed purchasing managers in the services industry expected to rise by 0.2 points to 54.6 points following a worse than expected 54.4 points in June.

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

In Australia, Trade Balance surplus expected to continue increasing   bringing optimistic news for the Australian market forecasted to reach 1.815B following 1.65B in the previous month.

More in Australia, House Price Index is foreseen a 2.2% rise following 4.8% in the previous quarter.

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

In New Zealand, Employment Change the earliest indication of the employment situation and tends to create hefty market impacts expected to increase by 0.5% following 1.0% in the previous quarter while Unemployment Rate climbs to 6.2% from 6.0 % in the previous quarter.
That’s it for today. Happy forex trading!

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Anat Dror

Anat Dror

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