US expects another negative trade balance while decreased federal budget deficit raises optimism in the market; Federal Reserve Bank of St Louis President James Bullard speaks, in Nashville and good news for Canada’s economy with a positive Trade Balance and Housing Price Index. A busy day full of events awaits us today.
In the US, Trade Balance is expected to increase trade deficit by $200,000,000 from 39.7B in the previous month indicating a rebound in economic growth.
Later in the US, Federal Reserve Bank of St Louis President James Bullard speaks about the economy at the Tennessee Department of Financial Institutions, in Nashville and Federal Reserve Bank of Boston President Eric Rosengren participates in a panel discussion titled “Up from the Ashes: The Financial System After the Crisis” at the Federal Reserve’s 2010 Financial Markets Conference, in Atlanta. Future monetary policy and key interest rates are to be affected.
Finally in the US, Crude Oil Inventories will probably rise by another 2.8M this month.
The US federal budget deficit is expected another dramatic decline of 43.9B from the previous -65.4B deficit which is Good news for the US economy.
In Canada, Trade Balance is positive once again, showing an estimated rise of 0.3B in trade surplus from 1.4B in the previous month, indicating a recovery of Canada’s trade sector from the global recession.
More in Canada, New Housing Price Index measuring change in the selling price of new homes is expected to edge up to 0.4% from 0.1% in the previous month indicating a lively activity in the housing industry.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, German Preliminary Gross Domestic Product is expected to remain 0.0% brings Europe’s largest economy to a standstill after the rise in previous quarters. The French Preliminary Gross Domestic Product is also negative expecting a decline of 0.3% from 0.6% in the previous quarter and its CPI is also heading for a drop from 0.5% to 0.2%. On the other hand, Italian Prelim GDP expects a rise of 0.3% after the previous drop of -0.3% and EU’s Flash GDP is expected to grow by 0.1% from 0.0% in the previous quarter.
Also in Europe, Industrial Production is likely to rise by 0.4%
Finally in Europe, Producer Price Index is expected a slight drop of 0.1% after the rise of 0.5% in the previous month.
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Great Britain, Claimant Count Change shows a decrease of 12800 in the number of people claiming unemployment-related benefits this month. This is a good indicator of economic health. Nevertheless Unemployment Rate is expected to remain 8.0%.
More in Great Britain, Bank of England Inflation Report, released quarterly, is issued and the bank’s Governor Mervyn King will hold a press conference, along with other MPC members, about the Inflation Report, in London. This should affect rate interests and future monetary policy.
Later in Great Britain, Average Earnings Index, released monthly represents the 3-month moving average compared to the same period a year earlier shows an expected drop of 0.1% from the previous report.
Finally in Britain, Nationwide Consumer Confidence is foreseen a rise of 2 points from 72 points in the previous month, a positive sign for overall economic activity.
Read more about the Pound in the GBP/USD forecast.
In Australia, The number of new loans granted for owner-occupied homes this month is expected to drop by -2.9% following the drop in previous months despite predictions for economic growth in 2010.
For more on the Aussie, read the AUD/USD forecast.
In New Zeeland, Business NZ Manufacturing Index is likely to remain around 56.3 points and the Food Price Index is also expected to remain in proximity to 0.2%.
In Japan, Leading Indicators are predicted to rise by 0.9% from 98.5%, Current Account is also expected a positive rise of 0.37T. the M2 Money Stock measuring the change in the total quantity of domestic currency in circulation and deposited in banks is on the fall for three consecutive months estimated a 2.5% rise 0.1% less then in the previous month. Japan’s Bank Lending measuring change in the total value of outstanding bank loans issued to consumers and businesses will most likely remain in the neighborhood of -1.8%.
That’s it for today. Happy forex trading!
Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.
Later in the US, Federal Reserve Bank of St Louis President James Bullard speaks about the economy at the Tennessee Department of Financial Institutions, in Nashville and Federal Reserve Bank of Boston President Eric Rosengren participates in a panel discussion titled “Up from the Ashes: The Financial System After the Crisis” at the Federal Reserve’s 2010 Financial Markets Conference, in Atlanta. Future monetary policy and key interest rates are to be affected.
Finally in the US, Crude Oil Inventories will probably rise by another 2.8M this month.
The US federal budget deficit is expected another dramatic decline of 43.9B from the previous -65.4B deficit which is Good news for the US economy.
In Canada, Trade Balance is positive once again, showing an estimated rise of 0.3B in trade surplus from 1.4B in the previous month, indicating a recovery of Canada’s trade sector from the global recession.
More in Canada, New Housing Price Index measuring change in the selling price of new homes is expected to edge up to 0.4% from 0.1% in the previous month indicating a lively activity in the housing industry.
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, German Preliminary Gross Domestic Product is expected to remain 0.0% brings Europe’s largest economy to a standstill after the rise in previous quarters. The French Preliminary Gross Domestic Product is also negative expecting a decline of 0.3% from 0.6% in the previous quarter and its CPI is also heading for a drop from 0.5% to 0.2%. On the other hand, Italian Prelim GDP expects a rise of 0.3% after the previous drop of -0.3% and EU’s Flash GDP is expected to grow by 0.1% from 0.0% in the previous quarter.
Also in Europe, Industrial Production is likely to rise by 0.4%
Finally in Europe, Producer Price Index is expected a slight drop of 0.1% after the rise of 0.5% in the previous month.
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Great Britain, Claimant Count Change shows a decrease of 12800 in the number of people claiming unemployment-related benefits this month. This is a good indicator of economic health. Nevertheless Unemployment Rate is expected to remain 8.0%.
More in Great Britain, Bank of England Inflation Report, released quarterly, is issued and the bank’s Governor Mervyn King will hold a press conference, along with other MPC members, about the Inflation Report, in London. This should affect rate interests and future monetary policy.
Later in Great Britain, Average Earnings Index, released monthly represents the 3-month moving average compared to the same period a year earlier shows an expected drop of 0.1% from the previous report.
Finally in Britain, Nationwide Consumer Confidence is foreseen a rise of 2 points from 72 points in the previous month, a positive sign for overall economic activity.
Read more about the Pound in the GBP/USD forecast.
In Australia, The number of new loans granted for owner-occupied homes this month is expected to drop by -2.9% following the drop in previous months despite predictions for economic growth in 2010.
For more on the Aussie, read the AUD/USD forecast.
In New Zeeland, Business NZ Manufacturing Index is likely to remain around 56.3 points and the Food Price Index is also expected to remain in proximity to 0.2%.
In Japan, Leading Indicators are predicted to rise by 0.9% from 98.5%, Current Account is also expected a positive rise of 0.37T. the M2 Money Stock measuring the change in the total quantity of domestic currency in circulation and deposited in banks is on the fall for three consecutive months estimated a 2.5% rise 0.1% less then in the previous month. Japan’s Bank Lending measuring change in the total value of outstanding bank loans issued to consumers and businesses will most likely remain in the neighborhood of -1.8%.
That’s it for today. Happy forex trading!
Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.
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