Forex Daily Outlook – June 1st 2009

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Contrary to usual Monday’s this one starts with many important indicators. In Britain, Manufacturing PMI stands out. In the US, it’s ISM Manufacturing PMI, and don’t forget Canadian GDP…Let’s dive in to the first day of forex trading this month.

Australian Retail Sales start the day with an expected rise of 0.5%, much less than last month’s impressive 2.2% rise. Also note the Australian Commodity Prices.

Japanese Average Cash Earnings are predicted to keep on falling – this time by 4.2%.

In Britain – Halifax HPI is a major economic indicator. It’ll probably be published today and is expected to fall by 1%. Manufacturing PMI is predicted to continue its cautious rise, and climb to 44.1

For an in-depth outlook for the Pound this week, check out my special coverage: Britain’s Got Talent? Pound Outlook.

In Canada, monthly GDP is expected to fall by 0.3%. The recession in Canada is weaker than in the US, but is still quite strong. Also in Canada, RMPI is expected to rise yet again, this time by 6.3%.

In the US, Core PCE Price Index is predicted to take a small step forward, rising by 0.2%. Personal Spending, an important indicator for consumers’ mood, is expected to fall yet again by 0.2%.

The big event of today is the ISM Manufacturing PMI. Also in the US, it’s predicted to slowly crawl upwards – from 40.1 to 42.3, but remain on the pessimistic side, under 50.

Also in the US, Construction Spending is expected to fall, and ISM Manufacturing Prices to rise from 32 to 35.3, still very low.

That’s it! For an outlook on the week’s major events, check out the Forex Weekly Outlook.

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About Author

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 the 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.

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