Forex Daily Outlook – February 9th 2010

The week is warming up with a busier calendar today. Let’s see what’s awaiting us.

Britain starts the day early with two interesting indicators: the BRC Retail Sales Monitor will supply an early indication to retail sales, while the RICS House Price Balance is expected to be weaker than last month, showing a drop in the places where the prices of homes are rising.

Later in Britain, Trade Balance is predicted to show a smaller deficit, 6.6 billion instead of 6.8. For more on the British Pound, read the GBP/USD forecast.

In Europe, German Final CPI is predicted to confirm the drop in prices last month at 0.6%. This came after a month of rising prices. Also from Germany, the Trade Balance surplus is expected to dip.

The most important point for the Euro/Dollar is 1.3750. As it continues to settle below this line, the direction continues to be down. For more on the Euro’s week, with its climax on Friday, check out the EUR/USD forecast.

In the US, IBD/TIPP Economic Optimism is predicted to edge up to 49.3. Wholesale Inventories are expected to rise by 0.5%, less than last month’s 1.5% rise.

Australia’s Westpac Consumer Sentiment is released at the end of the day and will probably continue the positive trend of recent months. The Aussie was beaten last week and is expecting important figures later on. For more on the Australian dollar, read the AUD/USD forecast.

Japan closes the day with the release of the Core Machinery Orders,  a figure  that usually moves the Yen. A rise of 8.1% is expected to follow last month’s big drop.

That’s it for today. Happy forex trading!

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