Forex Daily Outlook – December 28 2010

CB Consumer Confidence in the US and Average Cash Earnings in Japan are some of the events coming up on today’s outlook .Let’s see what awaits us today.

In the US, The Conference Board (CB) Consumer Confidence, Survey of about 5,000 households which asks respondents to rate the relative level of current and future economic conditions including labor availability, business conditions, and overall economic situation is about to rise to 56.3 pint. Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity.

Later in the US, Standard & Poor’s (S&P) Case-Shiller (CS) Composite-20 House Price Index (HPI); selling price of single-family homes in 20 metropolitan areas is about to decrees by 0.7%. Rising house prices attract investors and spur industry activity.

Finally in the US, Richmond Manufacturing Index, Survey of about 100 manufacturers in the Richmond area to rate the relative level of business conditions including shipments, new orders, and employment, indicates improving conditions with 11 points.

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

In Switzerland, UBS Consumption Indicator, index based on 5 consumer-based economic indicators; is about to be 1.72 points.

In Japan, Average Cash Earnings, total value of employment income collected by workers; is about to rise by 0.1%. Income is correlated with spending – the more disposable income consumers have, the more likely they are to increase spending.

That’s it for today. Happy forex trading!