Forex Daily Outlook – June 4 2010
Daily Look

Forex Daily Outlook – June 4 2010

US Non-Farm Employment Change and the G20 meetings are the highlights the news followed by US Unemployment Rate and Average Hourly Earnings. Let’s see what awaits us today.

In the US, Non-Farm Employment Change is expecting to justify the optimistic predictions by climbing 175 K above April’s figures. This is a leading indicator of consumer spending reflecting on economic activity.

Later in the US, Unemployment Rate is anticipated to decrease by 0.1% from the rise of 9.9% in April

Finally in the US, Average Hourly Earnings is expected to go up from 0.0% in April to 0.1% indicating consumer inflation.

In Canada, Unemployment Rate is expected to continue its decrease by dropping from 8.1% to 8.0%

More in Canada Employment Change is expected to dramatically decrease from the record number of 108.7K in April to 20.7K.

Later in Canada, Building Permits are expected a sharp drop of -1.6% after 12.2% increase in April which was due to multi-family and industrial building permits.

Finally in Canada, Ivey PMI is expected to continue its growth from January exceeding April’s 58.7 by 0.9 points.

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

G20 finance ministers meet in Busan, South Korea, to discuss the global financial turmoil. Among the planned sessions are: Global Economy, G20 Framework for Strong, Sustainable, and Balanced Growth, Financial Regulatory Reform and International Financial Institutions Reform and Global Financial Safety Nets. This will have a major affect on the European currency since the G-20 will issue a notice to the market regarding the European risk.

In Europe, Revised GDP is expected to remain 0.2%.

For more on the Euro, read the  EUR/USD forecast and Casey Stubbs’  latest analysis.

In Great Britain, Halifax House Price Index is expected to rise by 0.3% compared to a drop of -0.1% in May giving a boost to the housing industry.

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

In Switzerland, SNB Governing Board Chairman Philipp Hildebrand speaks at the Swiss Economic Forum, in Interlaken may affect interest rates and give insight on future monetary policy.

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

That’s it for today. Happy forex trading!

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Anat Dror

Anat Dror

Anat Dror Senior Writer I conceptualize, design and create multi-lingual websites. Apart from the technical work, my projects usually consist of writing content for these sites in English, French and Hebrew. In the past, I have built, managed and marketed an e-learning center for language studies, including moderating a live community of students. I've also worked as a community organizer