Forex Daily Outlook – February 7 2011

We start the week with some interesting events such as Building Permits in Canada, a speech by Axel Weber and much more. Let’s see what awaits us today.

In the US, Consumer Credit, value of outstanding consumer credit that requires installment payments, is about to rise by 039%. It’s correlated with consumer spending and confidence.

In Canada, Building Permits, new building permits issued; is about to rise by 14.1%. It’s an excellent gauge of future construction activity because obtaining a permit is among the first steps in constructing a new building.

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

In Europe, Deutsche Bundesbank President Axel Weber, due to deliver a speech titled “The euro: Opportunities and Challenges,” in Tallinn, and can influence on where to set the Eurozone’s key interest rates.

Also in  Europe, German Factory Orders, new purchase orders placed with manufacturers; is about to reduce by 6.6%. Rising purchase orders signal that manufacturers will increase activity as they work to fill the orders.

Later in Europe, German Industrial Production is about to rise by 0.9%. It’s a leading indicator of economic health – production reacts quickly to ups and downs in the business cycle and is correlated with consumer conditions such as employment levels and earnings.

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

In Great Britain, British Retail Consortium (BRC) Retail Sales Monitor, value of same-store sales at the retail level is about to remain 0.3% like on the previous month.

Later in Great Britain, price of goods purchased at BRC-member retail stores; is due to remain 2.1% like on the previous month.

More in Great Britain, Royal Institution of Chartered Surveyors (RICS) House Price Balance is due to rise by 1%; It’s a leading indicator of housing inflation because surveyors have access to the most recent price data by virtue of their job.

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

In Australia, Australia and New Zealand Banking Group (ANZ) Job Advertisements; number of jobs advertised in the major daily newspapers and websites covering the capital cities, is due to remain 2% like on the previous month.

Later in Australia, Retail Sales is due to rise by 0.2%. It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity.

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

In Japan, BOJ Governor Masaaki Shirakawa, Due to speak at the Foreign Correspondents Club of Japan, in Tokyo. As head of the central bank he has important influence over the nation’s currency value.

Later in Japan, Bank Lending, value of outstanding bank loans issued to consumers and businesses; is due to remain 1.9% like on the previous month.

That’s it for today. Happy forex trading!