Forex Daily Outlook – July 31st 2009
Daily Look

Forex Daily Outlook – July 31st 2009

Another month comes to end. This time it’s with a bang! American Advance GDP for the second quarter is causing anxiety all over the globe. Also watch out for the Canadian GDP and other figures. Let’s see what’s up or today.

Australian  Private Sector Credit is expected to rise by 0.1% after falling by 0.1%. AUD/USD got many figures this week…

In Europe, CPI Flash Estimate isn’t predicted to bring a smile upon European economists’ faces. Prices are expected to fall by 0.4% (annually adjusted). Deflation is strong.

The all-European Unemployment Rate will also be published today, and is expected to rise from 9.5% to 9.7%. This will put pressure on Jean-Claude Trichet and the ECB.

Swiss  KOF Economic Barometer is an important gauge for the economy. It’s predicted to rise from -1.65 to 1.46 points.

At 12:30 GMT, American Advance GDP is predicted to fall by “only” 1.3%. After last quarter’s big contraction figure of 5.5%, this is optimistic. Barack Obama expressed optimism in a speech this week. Does he know something that we don’t know?

The accompanying figures to the GDP are  Advance GDP Price Index  and the  Employment Cost Index which are both predicted to rise.

At the same time, Canadian monthly GDP is published. Here, the fluctuations are smaller. Canadian Gross Domestic Product is predicted to squeeze by 0.4%. Watch out for erratic shakes on USD/CAD at this time. For more on the loonie, check out the Canadian Dollar Outlook.

The last figure for the month is the Chicago PMI, predicted to rise above 40 points, to 42.1.

May your pips prosper!

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.