For more on the Australian dollar, read the AUD/USD forecast
The first day of March brings a busy calendar which isn’t typical for Mondays. Canadian GDP, European Unemployment Rate and American ISM Manufacturing PMI will stand out today.
As time goes by this week, trading will be more and more influenced by the tension towards the Non-Farm Payrolls. I suggest being careful with this event. OK, let’s start the review:
Australia’s Glenn Stevens might provide final hints to the upcoming rate decision in an early speech. Also in Australia, the AIG Manufacturing Index, Commodity Prices and Current Account will be released, with the latter expected to show a bigger deficit.
Aussie traders have a busy week. For more, read the AUD/USD forecast.
In Europe, German Import Prices are predicted to rise by 0.8% and the Final Manufacturing PMI is expected to be confirmed at 54.1 points.
The more important release in Europe is the Unemployment Rate, which is predicted to tick up from 10 to 10.1%, showing the weakness of the Euro-zone.
British Manufacturing PMI always rocks the Pound. After rising up to 56.7 points, the highest score in a long time, this indicator is expected to tick down to 56.5.
Also in Britain, Net Lending to Individuals is expected to drop from 1.2 billion to 0.7 billion, showing less activity. For more on the British Pound, check out the GBP/USD forecast.
In Canada, monthly GDP is expected to rise by 0.4%, exactly as the previous quarter. Note that this release completes Q4 of 2009 and should be interesting to watch.
Also in Canada, RMPI (Raw Materials Price Index), is expected to rise by 1.9%. For more on USD/CAD, read the Canadian dollar forecast.
In the US, Core PCE Price Index is expected to rise by 0.1% while Personal Spending will probably rise by 0.4%. Personal Income is expected to rise by 0.5%.
The more important release is the ISM Manufacturing PMI – this figure jumped to 58.4 points, and is now expected to soften to 57.9, which is also great. A better result will boost the dollar.
Japan closes the day with Household Spending, which is expected to show a year over year rise of 2.6%. The Japanese Unemployment Rate will probably remain unchanged at 5.1%.
That’s it for today. Happy forex trading!
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