Forex Daily Outlook – March 7 2011

We start the week with Building Permits in Canada and much more exciting events. Let’s see what awaits us today.

In Canada, Building Permits, an excellent gauge of future construction activity because obtaining a permit is among the first steps in constructing a new building; and is about to rise by 0.9%.

In the US, Investor’s Business Daily (IBD), TechnoMetrica Institute of Policy and Politics (TIPP) Economic Optimism, Survey of about 900 consumers to rate the relative level of economic conditions including six-month economic outlook. Indicates optimism with 51.8 points.

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

In Europe, European Central Bank (ECB) ECB President Jean-Claude Trichet Due to hold a press conference at the conclusion of the Bank of International Settlements meeting, in Basel. As head of the ECB, controls short term interest rates, and influence the euro’s value.

Also in  Europe, Sentix Investor Confidence, Survey of about 2,800 investors and analysts to rate the relative 6-month economic outlook for the Eurozone, indicates pessimism with 16.8 points.

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

In Great Britain, British Retail Consortium (BRC) Retail Sales Monitor is due to remain 2.3% and Leads the government-released retail data by about 10 days, but has a narrower focus as it only includes retailers who belong to the BRC. And the BRC Shop Price Index (price of goods purchased at BRC-member retail stores) is about to remain 2.5%.

More in Great Britain, Royal Institution of Chartered Surveyors (RICS) House Price Balance is about to rise by 5%. Leading indicator of housing inflation since surveyors have access to the most recent price data by virtue of their job.

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

In Switzerland, Unemployment Rate, total work force that is unemployed and actively seeking employment during the previous month; is about to rise by 0.1%.

In Australia, Australia and New Zealand Banking Group (ANZ) Job Advertisements, number of jobs advertised in the major daily newspapers and websites covering the capital cities is due to remain 2.4%.

Later in Australia, Australian Industry Group (AIG); Construction Index, Survey of about 120 construction companies to rate the relative level of business conditions, indicates contraction; with 40.2 points.

Finally in Australia, National Australia Bank (NAB) Business Confidence, Survey of about 350 businesses which asks respondents to rate the relative level of current business conditions, indicates improving conditions with 4 points.

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

In New Zealand, Building Consents, is due to remain 18.6%. It’s a leading gauge of future construction activity because obtaining government approval is among the first steps in constructing a new building. Construction is important because it produces a wide-reaching ripple effect.

In Japan, M2 Money Stock, total quantity of domestic currency in circulation and deposited in banks is due to remain 2.3%.

Later in Japan, Leading Indicators, index based on 12 economic indicators; designed to predict the direction of the economy, and about to reduce to 102.4%.

Finally in Japan, Bank Lending, total value of outstanding bank loans issued to consumers and businesses are due to remain -1.8%.

That’s it for today. Happy forex trading!