Forex Daily Outlook – January 28 2011

In the UK Nationwide HPI and Unemployment Claim & Pending Home Sales in the US are some to the important events. Let’s see what awaits us today.

In the US, Advance Gross Domestic Product (GDP), change in the inflation-adjusted value of all goods and services produced by the economy; is about to rise by 0.9%, while the Advance GDP Price Index is about to reduce by 0.4%. It’s the broadest measure of economic activity and the primary gauge of the economy’s health.

Later in the US, US Treasury Secretary Timothy Geithner, due to speak about the US economy at the World Economic Forum, in Davos. It’s the Treasury Secretary’s job to communicate the US President’s economic policies, and his speeches are often used to signal policy shifts to the public and to foreign governments

More in the US Employment Cost Index is about to rise by 1%. It’s a leading indicator of consumer inflation – when businesses pay more for labor the higher costs are usually passed on to the consumer

Finally in the US, Revised UoM Consumer Sentiment, Survey of about 500 consumers to rate the relative level of current and future economic conditions is about to rise by 0.4%.

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

In Europe, M3 Money Supply, is about to rise by 0.2%. It’s positively correlated with interest rates

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

In Switzerland, KOF Economic Barometer, index based on 12 economic indicators; this index is designed to predict the direction of the economy over the following 6 months. It’s about to rise by 0.2 points.

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

In Japan, Monetary Policy Meeting Minutes, It’s a detailed record of the BOJ Policy Board’s meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates;

More in Japan, Household Spending, value of inflation-adjusted expenditures by consumers; is about to reduce by 0.1%.

Moreover in Japan, Tokyo Core CPI, price of goods and services purchased by consumers in Tokyo, excluding fresh food is about to rise by 0.1%.

Later in Japan, Retail Sales, value of sales at the retail level; is about reduce by 0.9%.

World Economic Forum (WEF) Annual Meetings, WEF annual meetings are held in Davos and attended by central bankers, prime ministers, finance ministers, trade ministers, and business leaders from over 90 countries. Most meetings are open to the press and officials usually talk with reporters throughout the day. Comments from central bankers and other influential officials can create significant market volatility

That’s it for today. Happy forex trading!