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The Australian interest rate decision promises a strong opening for the day. Later on, European Unemployment Rate and American Pending Home Sales will dominate the scene. Let’s see what’s up for today:

Australian  Building Approvals start the day. They are expected to rise by 2.1%, less than last month’s 3.5%. Current Account is predicted to show a deficit of 5.4 billion, smaller than last month’s 6.5 billion.  

At 4:30 GMT, a new interest rate will be announced in Australia. The RBA isn’t expected to change the high Cash Rate, at 3%. The focus will be on the RBA Rate Statement, which might indicate the RBA’s views on the economy and hint on the next steps.

For a special coverage of the Aussie, read  Will Australia go Down Under? Aussie Outlook

Swiss GDP for the first quarter is predicted to show a fall of 1.4%, after dropping by 0.3% in the previous quarter. Watch for moves in the USD/CHF. Also in Switzerland,  SVME PMI is predicted to rise from 34.7 to 36.5.

In Britain, Halifax HPI might be published today. This isn’t certain…What is certain is the Construction PMI, a highly related figure which is predicted to rise from 38.1 to 29.1. Also in Britain,  Net Lending to Individuals is predicted to rise to 1 billion. Near the end of the day,  Nationwide Consumer Confidence  is predicted to rise to 52 points.

For a special coverage of British events, read:  Britain’s Got Talent.

European Unemployment Rate is probably still on the rise: expectations are for a rise from 8.9% to 9.1%. This will put pressure on Jean-Claude Trichet.

In the US, the main figure is  Pending Home Sales. After a nice rise of 3.2%, they are expected to be modest time, rising only by 0.4%.

Another notable figure is the  Total Vehicle Sales. With General Motors Bankruptcy in the background, this figure may well impact the greenback.

That’s it for today. Happy forex trading!

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