Forex Daily Outlook – January 6 2011

Unemployment Claims in the US and Halifax HPI in the UK are some of the highlights on our outlook .Let’s see what awaits us today.

 In the US, Unemployment Claims, number of individuals who filed for unemployment insurance for the first time during the past week; is about to rise by 12K. an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.

In Canada, Ivey Purchasing Managers’ Index (PMI), Survey of about 175 purchasing managers, selected geographically and by sector of activity to match the economy as a whole, to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories, indicates industry expansion with 52.7 points.

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

In Europe, Retail Sales, total value of inflation-adjusted sales at the retail level; is about to rise by 0.2%.   Primary gauge of consumer spending, which accounts for the majority of overall economic activity.

Also in  Europe, German Factory Orders, new purchase orders placed with manufacturers; is about to reduce by 0.5%. Rising purchase orders signal that manufacturers will increase activity as they work to fill the orders.

More in Europe, German Retail Sales , sales at the retail level, excluding automobiles and gas stations is about to reduce by 1.2%. Primary gauge of consumer spending, which accounts for the majority of overall economic activity.

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

In Great Britain, Halifax House Price Index (HPI), price of homes financed by HBOS is about to reduce by 0.2%. rising house prices attract investors and spur industry activity

More in Great Britain, Services Purchasing Managers’ Index (PMI);, Survey of purchasing managers to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. Indicates industry expansion with 52.9 points.

Finally in Britain, BOE Credit Conditions Survey, Survey of bank and non-bank lenders which asks respondents to rate the relative level of credit conditions in the past 3 months and next 3 months. It’s correlated with spending and confidence

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

In Switzerland, Consumer Price Index (CPI), price of goods and services purchased by consumers; is about to be -0.2%, similar to the previous month. Consumer prices account for a majority of overall inflation. Inflation.

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

That’s it for today. Happy forex trading!