Forex Daily Outlook – March 13th 2009
Daily Look

Forex Daily Outlook – March 13th 2009

Friday the 13th is here again, and it focuses on North America: Employment data from Canada, Trade Balance in both countries and  Prelim UoM Consumer Sentiment in the US dominate the day. There are other figures, and it’s also the first day of the G20 summit in Sussex.

Early in the morning, Japan releases some economic indicators:  Revised Industrial Production    is expected to remain almost unchanged, dropping 9.9%.  Household Confidence is also predicted to remain unchanged, at 26.4

In Europe, Retail Sales will be closely watched by traders, who are expecting a rise (surprise!) of 0.2%.

Swiss PPI is expected to drop by 0.2%, but the Swissy will be more influenced from the new Libor Rate.

At 11:00 GMT, Canada will release new employment figures:  Employment Change is expected to drop by “only” 50,000, after plunging 129K last month.  Unemployment Rate is expected to rise by 7.4%, rising from 7.2% last month.

Traders of the loonie will have an hour and a half to digest the figures. At 12:30 GMT,both Canada and the US will release the trade balance. The Canadian figure, which is usually positive, is expected to show another month of deficit, this time of 1 billion. American Trade Balance is expected to remain stable, at -38.4B, a lower deficit than last month. Last month, these mutual releases sent the USD/CAD way up. It could well happen again.

Another major figure is released before the end of the day:  Prelim UoM Consumer Sentiment. The University of Michigan is expected to show a drop in consumer sentiment, with a figure below 50: 49.9 to be precise, compared to 56.3 lst month.

More data from the US: the complementary  Prelim UoM Inflation Expectations and Import Prices, expected to fall by 0.7%.

That’s it! Tune in to the news coming out of Sussex: the G20 financial leaders will probably make important statements during Friday and Saturday.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.