Forex Daily Outlook – March 9 2010

Australian Employment Data, New Zealand Rate Decision are the main events today. Here is an outlook on the events that will shape forex trading this day.

In the US, Crude Oil Inventories measuring change in the number of barrels of crude oil held in inventory by commercial firms during the past week dropped 0.4M last week following 0.8M gain in the week before. It is expected to add 0.8M this week.

More in the US, US Treasury Secretary Timothy Geithner is due to testify on budget for international programs before the House Appropriations Committee, in Washington DC. Information concerning economic policy shifts may be communicated.

In Canada, New Housing Price Index  a leading indicator of the housing industry gained 0.1% in December below 0.6% expected and less than the 0.3% gain in November. A rise of 0.2% is anticipated.

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

In Europe, German Industrial Production a leading indicator of economic health decreased 1.5% in December following 0.6% drop in the previous month. A gain of 1.8% is expected now.

More in Europe, Deutsche Bundesbank President Axel Weber is due to speak about heterogeneity with the Eurozone at the Society of Business Economists, in London. He’s believed to be one of the most influential members of the council and his words may provide valuable information regarding future monetary policy and interest rates.

In Switzerland, Consumer Price Index  the earliest major inflation data  dropped 0.4% in January following a flat rate in the previous month. An Increase of 0.3% is predicted now.

In Great Britain, Trade Balance deficit widened in December to 9.2B from 8.5B. Deficit is expected to decrease back to 8.5B.

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

In Australia, Employment Change measuring the number of new jobs increased by 24,000 in January above expectations of 18,400. A smaller gain of 21,500 is forecasted now. Meanwhile Unemployment rate reached 5.0% in January and in the prior month expecting to remain 5.0% this time as well.

More in Australia, Glenn Stevens RBA Governor is due to speak, in London and may provide information on interest rates and furute monetary policy.

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

In New Zealand, Following an unchanged rate of 0.3% , a decrease of 0.25% is predicted due to Christchurch Earthquake on Feb 22 to support of the bitten market. Reserve Bank of New Zealand   will hold a Press Conference and declare the Rate Statement in which the reasons for this decrease will be revealed.

Later in New Zealand, Real Estate Institute of New Zealand (REINZ), House Price Index (HPI); that Measures the selling price of all homes  is due to remain -2.6% like on the previous month.

In Japan, Japan’s gross domestic product (GDP) grew a revised 1.1 percent in July-September quarter above analyst’s expectation of 1.0% increase and above the 0.9% rise in the previous quarter. A decrease of 0.3% is expected now.

That’s it for today. Happy forex trading!