Forex Daily Outlook – June 9 2010
Daily Look

Forex Daily Outlook – June 9 2010

Federal Reserve Chairman Ben Bernanke Testifies & delivers a speech, positive news on the Trade Balance positive in GBP, and more new in Japan regarding the final GDP. Let’s see what awaits us today.

In the US, Federal Reserve Chairman Ben Bernanke leads to heavy market volatility when delivering 2 parts testimony about the federal budget & Economic and Financial conditions at the House Budget Committee, in Washington DC. And supply interest rate clues when he delivers a speech titled “From Recession to Recovery” at the Forum on Employment Trends and Workforce Development Strategies at the Federal Reserve Bank, in Richmond.

More in the US, Crude Oil Inventories is about to rise by 0.8 Million, it measures the change in the number of barrels of crude oil held in inventory by commercial firms during the past week and affects inflation.

Finally in the US, an 8 times per year analysis meeting (2 weeks before each FOMC), that help make the next decision on interest rates.

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

Moving to Great Britain, Trade Balance that Measures the difference in value between imported and exported goods during the reported month shows a positive impact on exported goods with a rise of 0.5 Billion.

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

In Australia, Dwelling Finance Commitments during the reported month, measures the change in the number of new loans granted for owner-occupied homes, showing a rise of 1.5%.

More in Australia, Wholesale Inventories that is Released monthly and   Measures the Change in the total value of goods held in inventory by wholesalers is about to rise by 2% and impact on the future business spending.

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

In New Zealand, the Official Cash Rate (OCR) of the Reserve Bank of New Zealand (RBNZ), scheduled 8 times per year and measures the interest rate at which banks lend balances held at the RBNZ to other banks; shows a rise of 0.25%.

The RBNZ heals a 2 parts Press Conference of about 30 minutes long and create heavy market volatility. And include details on how they will achieve their inflation targets, formulate and implement monetary policy during the next five years, by releasing the RBNZ Rate & Monetary Policy Statements.

In Japan, the Final GDP, released quarterly, a primary gauge of the economy’s health that measures the change in the inflation-adjusted value of all goods and services produced by the economy is about to rise by 0.1%.

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