Forex Daily Outlook – May 12th 2009

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There’s some beef today in forex trading: American and Canadian Trade Balance, British Manufacturing Production and Austrlian Annual Budget Release will draw attention. And there’s more. Let’s see what’s up.

Australian Home Loans start the day. They’re expected to rise by 4.5%. Australia enjoys falling unemployment rates and a high interest rate. It’s the strongest economy in the West.

Later in Australia, the Annual Budget Release is going to be closely watched by traders. Remember what Alistair Darling’s budget did to the Pound?

Japanese Leading Indicators are expected to rise from 75% to 77%. Later in Japan, Prelim Machine Tool Orders are published.

In Europe, there some indicators that released in the morning: German Final CPI, German WPI and French Gov Budget Balance might move the EUR/USD.

British Manufacturing Production is expected to continue falling, this time by 0.8%. Recent figures were good in Britain. Will this figure also surprise?

British Trade Balance is expected to stay almost unchanged, at around 7.2 billion. Also in Britain, DCLG HPI and Industrial Production are released.

At 12:30 GMT, both Canadian and American Trade Balance are published. Canadian Trade Balance is expected to stay positive, at 0.5 billion, while the American deficit is expected to grow to 29 billion. The USD/CAD will shake at this time.

Also in the US, Federal Budget Balance is expected to show a shrinking deficit of 60 billion.

Near the end of the day, New Zealand brings news: RBNZ Financial Stability Report will give a wide overview of the economy in New Zealand. This will move the NZD/USD.

Happy Forex Trading!

More on this week’s events in the Forex Weekly Outlook.

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About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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