Forex Daily Outlook – February 1 2011

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Very interesting events coming up today, Halifax & Nationwide HPI in the UK, ISM Manufacturing PMI in the US and much more .Let’s see what awaits us today.

In the US, The Institute for Supply Management (ISM), Manufacturing Purchasing Managers’ Index (PMI); Survey of about 400 purchasing managers to rate the relative level of business conditions, indicates industry expansion with57.8 points.

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

In Europe, Unemployment Rate, work force that is unemployed and actively seeking employment during the previous month, is about to be 10.1%, Tends to have a muted impact because there are several earlier indicators related to Eurozone labor conditions.

Also in Europe, German Unemployment Change, number of unemployed people during the previous month; is about to reduce by 14K and number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions;

Finally in Europe, European Central Bank (ECB) President Jean-Claude Trichet, due to speak at the Bocconi University, in Milan, he has more influence over the euro’s value than any other person.

For more on the Euro, read the EUR/USD forecast.

In Great Britain, Halifax House Price Index (HPI), price of homes financed by HBOS; is about to rise by 1.2%.

More in Great Britain, Nationwide HPI, selling price of homes with mortgages backed by Nationwide; is about to reduce by 0.7%.

Later in Great Britain, Manufacturing PMI, Survey of about 600 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories, indicates industry expansion with 58 points.

Finally in Britain, Net Lending to Individuals, value of new credit issued to consumers; is about to reduce by 0.1%, It’s correlated with consumer spending and confidence.

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

In Switzerland, Retail Sales, value of inflation-adjusted sales at the retail level, excluding is about to rise by 0.8%.  The primary gauge of consumer spending, which accounts for the majority of overall economic activity.

Later in Sweitzerland, Schweizerischer Verband fur Materialwirtschaft und Einkauf (SVME), Purchasing Managers’ Index (PMI);, Survey of about 200 purchasing managers to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories; indicates industry expansion with 59.3 points.

Finally in Switzerland SNB Governing Board Vice-Chairman Thomas Jordan, Due to participate in a panel discussion titled “The Globalised Crisis – Economic Challenges for Switzerland and Austria”, in Vienna,

In Australia, Commodity Prices, is about to be 47.7%. It’s a leading indicator of the nation’s trade balance with other countries because rising commodity prices boost export income.

Later in Australia, Housing Industry Association (HIA New Home Sales, is about to be -0.2.

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

That’s it for today. Happy forex trading!

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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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