Forex Daily Outlook – January 3 2011

We start the week with ISM Manufacturing PMI in the US and some more exiting events .Let’s see what awaits us today.

In the US, The Institute for Supply Management (ISM), Manufacturing Purchasing Managers’ Index (PMI) Survey of about 400 purchasing managers to rate the relative level of business conditions. indicates industry expansion with 57.1 points. While the ISM Manufacturing Prices (component of PMI but reported separately as an inflation gauge) is about to be 71.9 points.

Later in the US, Construction Spending, Change in the total amount builders spent on construction projects is about to decrease by 0.5%.

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

In Europe, Final Manufacturing Purchasing Managers’ Index (PMI), Survey of about 600 purchases managers to rate the relative level of business conditions.indicates industry expansion with 59.6 points.

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

In Switzerland, SVME Purchasing Managers’ Index (PMI), Survey of about 200 purchasing managers to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories indicates industry expansion with 62.1 points.

That’s it for today. Happy forex trading!

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