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Forex Daily Outlook – March 17th 2009

Lots of important figures are released around the globe.  German ZEW Economic Sentiment and American  Building Permits stand out. So, what’s on the menu? Will the dollar continue falling?

Australia starts the day with the  Monetary Policy Meeting Minutes. It will be interesting to look into the minds of the RBA members, when they took a surprising (some say defiant) decision not to cut interest rates.  

In the morning, Switzerland will release the quarterly  Industrial Production, which is expcted to fall by 0.1%. Also in Switzzerland,  SECO Economic Forecasts, a report that has a high reputation.

In Europe, the  German ZEW Economic Sentiment is considered one of the best indicators to the buying mood in the continent’s biggest economy. It overshadows the  ZEW Economic Sentiment for all of Europe, published at the same time.

In Canada,  Labor Productivity is expected to remain unchanged, for a second quarter in a row. On the other hand,  Manufacturing Sales  are expected to plunge, this time, by 5.7%, after last month’s dive of 8%.

And to the main dish: American  Building Permits are predicted to squeeze a little more: from 530,000 to 500,000. The situation of real estate will also be reflected in the Housing Starts figure, expected to crunch lower as well: from 470K to 450K.

Another important figure in the states is PPI, expected to rise by 0.3%. The Core PPI is predicted to rise by only 0.1%. A drop in the Producer Price Index won’t be a surprise, since the economy is shrinking rapidly.

In the evening, both BoE’s Mervyn King and ECB’s Jean-Claude Trichet will be speaking. These speeches could affect both the Pound and the Euro. IT will be interesting to follow the EUR/GBP cross.

That’s it for Tuesday. Wednesday features lots more indicators. I’ll post an outlook for Wednesday. In the meantime, there’s the forex weekly outlook.

Happy forex trading.

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.