Forex Daily Outlook – February 27th 2009

American Prelim GDP dominates Friday’s news. A whopping fall of 5.4% is expected in the world’s largest economy. Other than that, European  Unemployment Rate, and important Canadian data will also be released.

At midnight GMT, the  GfK Consumer Confidence will be published in Britain. It’s expected to deepen its fall, and stand at -39.  

In Australia, the  Private Sector Credit will be published, and this time it’s expected to rise. All in all, the Australian economy is quite strong.

European data will is mostly around CPI data. German  Prelim CPI will be published during the day in the different German states. The European CPI is expected to rise by 1.1%. Core CPI is expected to rise by 1.8%.  

Unemployment Rate in Europe is expected to take one step up, and be at 8.1%, 0.1% higher than last month.

In Switzerland, the  KOF Economic Barometer will give an indication of the state of the Swiss economy, with Eastern European finances looming over it.

At 13:30 the shift moves to other side of the Atlantic: American Prelim GDP is predicted to dive by 5.4%, much worse than -3.8%, in the last time. Contraction in America seems to be at its peak, with more deterioration. The economy is in recession since the end of 2007, and now it’s just accelerating.

Alongside the Prelim GDP, Canadian data is due: Canadian  Current Account is expected to fall by 5.5 billion.  RMPI (Raw Materials Price Index) is also expected to drop by 2.2%.

An hour and a quarter later, more important figures are released:  Chicago PMI (33) and the  Revised UoM Consumer Sentiment which is expected to be stable, at 56 points77.