Forex Daily Outlook – March 4 2011

We end this week with important events such as Unemployment Rate in the US and Ivey PMI in Canada.  .Let’s see what awaits us today.

In the US, Non-Farm Employment Change, number of employed people during the previous month, excluding the farming industry; is about to rise by 140K. Important leading indicator of consumer spending, which accounts for a majority of overall economic activity;

Later in the US, Unemployment Rate, work force that is unemployed and actively seeking employment during the previous month; is about to rise by 0.1%. Important since consumer spending is highly correlated with labor-market conditions.

Later on in the US, Federal Reserve Governor Janet Yellen, due to participate in a panel discussion titled “Improving the International Monetary and Financial System” at the “Which Regulation for Global Imbalances?” International Symposium organised by the Banque de France, in Paris. Audience questions expected.

More in the US, Average Hourly Earnings, price businesses pay for labor, excluding the farming industry; is due to reduce by 0.2%.

Finally in the US, Factory Orders, total value of new purchase orders placed with manufacturers; is about to rise by 0.2%. Rising purchase orders signal that manufacturers will increase activity as they work to fill the orders.

In Canada, Ivey Purchasing Managers’ Index (PMI), Survey of about 175 purchasing managers, selected geographically and by sector of activity to match the economy as a whole, to rate the relative level of business conditions, indicates contraction with 49.6 points.

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

In Europe, ECB President Jean-Claude Trichet, due to participate in a panel discussion titled “Towards Which International Monetary System?” at the “Which Regulation for Global Imbalances?” International Symposium organised by the Banque de France, in Paris.

For more on the Euro, read the  EUR/USD forecast.

That’s it for today. Happy forex trading!