Forex Daily Outlook – December 9th 2009
Daily Look

Forex Daily Outlook – December 9th 2009

The focus today will be on the British government’s Annual Pre-Budget Release, which is expected to encounter the huge deficit. We also have a rate decision from New Zealand among other events. Let’s see what’s up for today:

British figures start the day again: Nationwide Consumer Confidence is released 36 hours before the rate decision and is expected to tick down from 72 to 71. Later in Britain, Trade Balance is predicted to show a smaller deficit, of 6.9 billion, less than last month’s 7.2 billion.

The biggest event in Britain is the Annual Pre-Budget Release, which will show what the British government sees for the economy, an election year in Britain. This report will also speak about the huge deficit that Britain has.

For more on the British Pound, read the GBP/USD Forecast.

In Australia, Home Loans are predicted to drop by 1.8% after a big leap last month 5.1%. Australian estimations tend to be pessimistic, so a better result sure is possible. At the same time, Australian Trade Balance is expected to show a smaller deficit – of 1.78 billion this time.

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

Swiss Unemployment Rate is expected to edge to 4.2%. USD/CHF is now far from parity. Tomorrow’s rate decision is very important for the Swissy.

In Europe, Final CPI will be posted in Germany, and is expected to confirm another month of price drops. Later in Europe, Axel Weber, the head of the German Bundesbank will speak, and might move the Euro.

Read more about the Euro in the EUR/USD forecast.

The rate decision in New Zealand isn’t expected to be dramatic. The Official Cash Rate is expected to remain unchanged at 2.5%. The RBNZ Rate Statement isn’t expected to speak about future rate hikes.

Alan Bollard already set a long course for future rate hikes in a previous rate decision that didn’t meet expectations. His press conference isn’t expected to supply dramas.

Near the end of the day, Japan’s Core Machinery Orders will be released. They’re expected to drop by 4.4% after last month’s 10.5% jump.

That’s it for today. Happy forex trading!

Trade together with Currensee

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.