Forex Daily Outlook June 6 2012
Daily Look

Forex Daily Outlook June 6 2012

Construction PMI in the UK and ECB Press Conference in Europe are the main events today.   Here is an outlook on the market-movers awaiting us

In the US, Dennis Lockhart, Federal Reserve Bank of Atlanta President, is about to speak in Fort Lauderdale.

Later in the US, Revised Nonfarm Productivity, value the annualized change in labor efficiency on the goods and services production (not including the farming industry), further reduce is likely down to -0.6% this time from -0.5% on the last quarter.

More in the US, Crude Oil Inventories, weekly report to value the commercial barrels of crude oil that are held in inventory by companies, 2.2M is likely with no change from the last report.

Moreover in the US, Beige Book, scheduled before each Federal Open Market Committee (FOMC) meeting (8 times a year), and help the FOMC make their next decision on interest rates.

Also in the US, Janet Yellen, Federal Reserve Governor, is due to speak in Boston.

Finally in the US, Revised Unit Labor Costs, shows the annualized change in the price that businesses pay for labor (without the farming industry), rise of 0.3% is estimated up to 2.3% now.

In the US, Daniel Tarull, Federal Reserve Governor, is due to speak in Washington DC.

In Europe, ECB Press Conference which is followed by the Interest Rate Statement.

Later in Europe, Minimum Bid Rate, Interest rate that accounts for the bulk of liquidity to the banking system is likely to remain with no chant from the last report 1.00%.

More in Europe, German Industrial Production, measures the total manufacturers, mines, and utilities output production over the last month, reduce is likely from 2.8% on May down to -0.9% this time.

Finally in Europe, Revised Gross Domestic Product (GDP); value all goods and services that were produced by the economy over the last quarter, no change from the last time is forecast.

For more on the Euro, read the  Euro to dollar forecast.

In Great Britain, Construction Purchasing Managers’ Index (PMI); purchasing managers monthly survey to rate business conditions such as employment, new orders, supplier deliveries, etc., reduce is anticipated from 55.8 points on May down to 54.7 points no.

Late in Great Britain, Halifax House Price Index (HPI), value the price change of homes that are financed by Halifax Bank of Scotland (HBOS); rise from -2.4% on May up to 0.3% now is estimated.

Finally in Great Britain, British Retail Consortium (BRC) Retail Sales Monitor, shows the retail level value of the same-store sales, -3.3% is likely similar to the last month report.

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

In Australia, Gross Domestic Product (GDP); the widest measure of financial activity that shows the value of all goods and services that were produced by the economy on the last quarter, rise of 0.1% from 0.4% on the last report is likely.

Later in Australia, Australian Industry Group (AIG) Construction Index, 34.9 points are estimated with no change from the last monthly survey

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

Trade well

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