Forex Daily Outlook – June 1 2011

ISM Manufacturing Index in the US and PMI  in Europe are the main events today.  Here is an outlook on the market-movers awaiting us

In the US, ISM Manufacturing Index, the Institute for Supply Management is an important measurement indicator for manufacturing activity on the previous month. Is expected to be 58.8 points. Meanwhile the ISM Prices Paid that can affect the future inflation shows positive growth with 81points.

Later in the US, ADP Change in Employment (Automatic Data Processing) measuring change in the number workers in the US has a major impact on the market. 175K is expected now.

More in the US, MBA Mortgage Applications, weekly index measures home loan demand a leading indicator of home sales is expected now to be 1.1%.

Also in the US, Construction Spending important Monthly indicator for housing and public development spending. Is expected to reduce by 0.9%.

Finally in the US, Total Vehicle sales, measuring the total amount of vehicle sales in the U.S, is expected to reduce by 0.32 million to 12.56 million

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

In Europe, Purchasing Managers Index (PMI) – Manufacturing  Monthly release measuring business conditions purchasing managers from Illinois, Indiana and Michigan. An early indicator of ISM indicates expansion with 58.2 points in Europe and 54.8 in Germany.

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

In Great Britain, Purchasing Managers Index (PMI) – Manufacturing  Monthly release measuring business conditions purchasing managers from Illinois, Indiana and Michigan. An early indicator of ISM indicates expansion with 54.3 points.

More in Great Britain, Mortgage Approvals, a leading gauge of UK Housing Market affecting overall economy condition is expected now to reduce by 557K.

Later in Great Britain, M4 Money Supply, measures the entire amount of currency circulating in the country an indicator of inflation. Is about to rise by 0.2% to 0.3% on the monthly report and remain -1.1% on the yearly.

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

In Switzerland, Real Retail Sales, report major indicator of consumer spending, 1.9% is expected now, rise of 2.1%

More in Switzerland, SVME – Purchasing Managers’ Index (PMI) Monthly release measuring business conditions purchasing managers from Illinois, Indiana and Michigan. An early indicator of ISM indicates expansion with 57.8.

In Australia, Gross Domestic Product (GDP), the broad measure of the Eurozone, total value of all goods and services produced by the Eurozone. Is expected to be 1.8%.

Later in Australia, RBA Commodity Index SDR examines economic and financial settings, determines the right monetary policy looking at risks to its long-term goals of price stability and keeping economic growth. Is due to remain 41.3%.

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

In New Zealand, Terms of Trade Index measuring the of balance amount between import and export to show trade surplus or trade deficit. 3% is expected now.

In Japan, The BoJ Governor Masaaki Shirakawa is due to deliver a speech.

That’s it for today. Happy forex trading!