Forex Daily Outlook – December 30 2010

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Unemployment Claims in the US and Nationwide HPI in the UK are some of the exiting news that awaits us today.

In the US, Unemployment Claims, individuals who filed for unemployment insurance for the first time during the past week; is about to decrease  by 4K.an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.

Later in the US, Pending Home Sales, homes under contract to be sold but still awaiting the closing transaction, excluding new construction is about to decrease  by 8.6%. leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.

Later on in the US, Chicago Purchasing Managers’ Index (PMI);, Survey of purchasing managers in Chicago which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories; is about to decrease  by1.3 points.

More in the US, Crude Oil Inventories, barrels of crude oil held in inventory by commercial firms during the past week; is about to rise by 205M. Impacts growth as many industries rely on oil to produce goods.

Finally in the US, Natural Gas Storage, cubic feet of natural gas held in underground storage during the past week; is about to decrease by 1.3B. most affects the loonie due to Canada’s sizable energy sector.

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

In Great Britain, Nationwide House Price Index (HPI) selling price of homes with mortgages backed by Nationwide; is about to rise by 0.1%.

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

In Australia, Private Sector Credit, new credit issued to consumers and businesses; is about to rise by 0.1%. Borrowing and spending are positively correlated.

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

That’s it for today. Happy forex trading!

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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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