Forex Daily Outlook – March 8 2011

Very interesting day ahead of us, Housing Starts in Canada, Buba President Weber Speaks in Europe and much more. Let’s see what awaits us today.

In Canada, Housing Starts, Annualized number of new residential buildings that began construction during the previous month; is about to rise by 4K. Leading indicator of economic health because building construction produces a wide-reaching ripple effect.

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. indicates optimism with 51.8 points.

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

In Europe, Deutsche Bundesbank President Axel Weber, Due to speak at the Bundesbank, in Frankfurt. ECB Governing Council members vote on where to set the Eurozone’s key interest rates

Also in  Europe, German Factory Orders, new purchase orders placed with manufacturers; is about to rise by 5.8%.

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

In Great Britain, BOE Governor Mervyn King, due to speak at the Asian Business Association Annual Dinner, in London, As head of the central bank controls short term interest rates and influence the nation’s currency value.

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

In Australia, Home Loans, new loans granted for owner-occupied homes; is about to reduce by 2/4% and it’s leading indicator of demand in the housing market – most homes are financed, so it provides an excellent gauge of how many qualified buyers are entering the market.

More in Australia, Reserve Bank of Australia (RBA) Assistant Governor (Financial System) Dr. Philip Lowe; due to speak at the Australian Industry Group Forum, in Sydney.

Finally in Australia, Westpac Consumer Sentiment, Survey of about 1,200 consumers to rate the relative level of past and future economic conditions. Is due to remain 1.9%.

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

In New Zealand, Real Estate Institute of New Zealand (REINZ), House Price Index (HPI), is due to remain 2.6%. selling price of all homes; leading indicator of the housing industry’s health because rising house prices attract investors and spur industry activity;

In Japan, BOJ Governor Masaaki Shirakawa; due to deliver a speech titled “150 Years of Innovation: Facing Up to Challenges in Monetary Control” at the Goethe University, in Frankfurt.

More in Japan, Core Machinery Orders, value of new private-sector purchase orders placed with manufacturers for machines, excluding ships and utilities; is about to rise by 1.1%.

That’s it for today. Happy forex trading!