Forex Daily Outlook – December 17th 2009
Daily Look

Forex Daily Outlook – December 17th 2009

Life goes on after the FOMC Statement which creatively left the market unchanged.  Today’s highlights are British retail sales, Canadian CPI and American jobless claims. Let’s see what’s up for today in forex trading:

There are no significant events in Europe today, but I recommend reading  Casey Stubbs’ article about the dollar strength and the Euro.

A day after the disappointing Australian GDP, the RBA Monthly Bulletin is posted. It should give another view of the economy. In its neighbor, New Zealand, the NBNZ Business Confidence will also give a broad view of the economy.

In Britain, Retail Sales are expected to rise by 0.5%. After yesterday’s ground-breaking job figures, these number could also be better.

British Consumer Inflation Expectations are also expected to rise, following the strong CPI. Later in Britain, CBI Realized Sales are predicted to edge up from 13 to 16 points. This will add to the retail sales published earlier.

For more on the Pound, read the GBP/USD forecast.

In Switzerland, the ZEW Economic Expectations are expected to help the Swissy.

Canadian CPI is expected to turn positive and rise by 0.3%. Core CPI is also expected to edge up and rise by 0.2%.

Later in Canada, Foreign Securities Purchases, which can be interpreted as trust in the Canadian dollar, are expected to drop to 6.11 billion. For more on the Canadian dollar, read the USD CAD forecast.

American Unemployment Claims rose last week, and are now expected to drop back to 466K. Regarding employment, eyes are on the next Non-Farm Payrolls release.

Also in the US, the Philly Fed Manufacturing Index will draw attention, with an expected to drop to 16.1 points. The CB Leading Index is expected to rise by 0.8%, stronger than last month.

That’s it for today. Happy forex trading!

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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.