Forex Daily Outlook – February 2 2011
Daily Look

Forex Daily Outlook – February 2 2011

US ADP Non-Farm Employment Change is the major event on our calendar today. Here is an outlook on the market movers awaiting us.

In the US, ADP Non-Farm Employment Change measuring the estimated change in the number of employed people during the previous month, excluding the farming industry and government grew more than expected with 297,000 additional jobs while analysts expected 101,000 rise. A lower figure of 148,000 is expected now.

Later in the US, Crude Oil Inventories measures the number of barrels of crude oil held in inventory by commercial firms. This weekly indicator of inflation and growth grew to 4.8M last week while forecases indicated 0.9M. 2.4M is estimated now.

In Great Britain, The price of homes financed by HBOS or the Halifax HPI dropped by 1.3% in January. This was more than the 0.3% drop analysts had expected.  A small drop of 0.1% is predicted now.

More in Great Britain, Construction PMI is a Survey of about 170 purchasing managers within the construction industry and a leading indicator of economic health dropped below the 50 point line to 49.1 from 51.8 indicating hardship in the housing industry. A small rise to 49.8 is forecasted.

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

In Australia, Building Approvals registered 4.2% drop more than 3.6% drop predicted following 8.3% rise in October. A rise of 1.4% is expected now.

More in Australia, Trade Balance surplus has narrowed in January to 1.93 Billion from 2.03 Billion. A further reduction to 1.63 Billion is predicted.

Finally in Australia, AIG Services Index based on a survey of about 200 service-based companies which asks respondents to rate the relative level of business conditions rose to 46.4 in December following 46.2 in the previous month. A similar figure is expected now.

In New Zealand, Employment Change showed 1.0% gain in the number of people employed in the September quarter following 0.2% drop in the previous quarter. A smaller increase of 0.2% is expected now. Unemployment Rate dropped to 6.4% in the September quarter from 6.9% in the previous quarter and is expected a small climb to 6.5%.

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

That’s it for today. Happy forex trading!

Anat Dror

Anat Dror

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