Forex Daily Outlook – June 2 2011

Factory orders in the US and Jean-Claude Trichet speech are the major market-movers. Let see what awaits us today.

In the US, Factory orders, measuring the long-lasting orders in the manufacturing level and affects the inflation negative forecast for the USD is expected now with-0.3%.

Later in the US, Initial Unemployment Claims, a weekly report measuring the number of Americans filing new Unemployment Claims indicating the overall job market condition, 3.69 million is forecasted, while the Counting Unemployment Claims, unemployed that are currently receiving unemployment welfares and is expected to be 427 K.

More in the US, EIA Crude Oil Stocks Change (Energy Information Administration), inventories and indicator of oil demand and rates is expected now to 0.6 points.

Also in the US, Unit labor Costs is the average cost of labor per product calculated by dividing total labor costs including benefits by real production, an indicator of inflation. 0.8% is now expected that is 1.4% rise from last report.

Finally in the US, Non-farm Productivity, quarterly report that measured the labor work per hour is expected to reduce by 0.8%.

In Europe, Jean-Claude Trichet, The President of the European Central Bank is due to deliver a speech.

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

In Great Britain, PMI Construction (Project Management Institute), measures business conditions in the UK building industry. Showing appreciates for the GBP with 53.8 points.

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

In Australia, AiG Performance of Services Index, monthly survey of 200 manufacturers to measure business situation.by the Australian Industry Group, the Australian Industry Group 51.5 points is expected

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

In New Zealand, Building Permits, measuring the number of licenses for new building projects indicating future trends in the construction sector, forecast to show growth with 0.5%.

That’s it for today. Happy forex trading!