Forex Daily Outlook – February 10th 2010
Daily Look

Forex Daily Outlook – February 10th 2010

We finally have a busy day today, with many important indicators, especially in Britain. GBP/USD and the Pound crosses will rock today. Let’s see what’s up for today:

The upcoming resolution of the Greek crisis sure is helping the Euro by breaking technical levels. EUR/USD is above 1.3750.

Australian Home Loans provide a powerful start for the day. They’re expected to drop by 4.8%, continuing a negative trend that began last month.

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

In Europe, French Industrial Production is predicted to rise by 0.6%, less than last month’s rise. A possible solution to the Greek crisis sure helps the Euro.

There are many events in Britain. For technical levels of GBP/USD, check out the British Pound forecast.

British Manufacturing Production is an important indicator that usually shakes the Pound. It’s predicted to rise by 0.4%, after being unchanged last month.

A bigger event is due later in Britain: Mervyn King presents the BOE Inflation Report and holds a press conference. Mervyn King usually hurts the Pound. Will he do it again?

There’s still more in Britain. The unofficial NIESR GDP estimate is known to be more accurate than economists’ expectations. They’ll publish their estimate for the three months that ended in January. After the disappointing official GDP, this will be interesting to watch.

Moving across the Atlantic, Canadian and American Trade Balance figures are published together, in an event that will shake USD/CAD. Canada’s balance is expected to show a tiny deficit, while the American deficit is predicted to remain almost unchanged at about 36 billion.

Also in the US, the Federal Budget Balance is predicted to show a smaller deficit, helping the dollar.

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.