Forex Daily Outlook – August 4th 2009
Daily Look

Forex Daily Outlook – August 4th 2009

A rate decision in Australia and American Pending Home Sales are the main events for today. There are other interesting figures for today. Let’s see what’s on the menu:

Australian Retail Sales bring a strong start to the day. They’re expected to rise by 0.5%, less than last month’s 1% climb. But this is only the prelude.

At 4:30 GMT, the RBA will announce a new Cash Rate. Australian interest rate will probably stay at 3%, the highest in the West. Aussie traders will focus on the RBA Rate Statement, for hints about future policy.

For more on the Australian dollar, check out the AUD/USD Outlook.

Swiss CPI is expected to fall by 0.6%, deep in deflation. Only a strong surprise will impact help the Swiss Franc.

In Britain,  Construction PMI is predicted to step up from 44.5 to 46. A good result will help GBP/USD settle more comfortably above 1.67. At night, British  Nationwide Consumer Confidence is predicted to rise from 58 to 59.

For more on cable, read the British Pound Outlook.

American Core PCE Price Index is expected to rise by 0.2%, while  Personal Spending is also expected to post a modest rise of 0.3%. FOMC  Daniel Tarullo and FDIC Charmain  Sheila Bair will speak in front of the  Senate Banking Committee in Washington. Will they say something interesting?

The main event for today is American  Pending Home Sales, which are expected to rise by 0.6%, after rising by 0.1% last time.

That’s it for today. 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.