After remembrance day, the calendar is busy once again, with employment figures from the US and Australia standing out. Let’s see what awaiting us:
A big drama was seen in Britain yesterday, with good employment figures helping the Pound, before Mervyn King sent it down. GBP/USD is back down at 1.6574. Today, no figures are due from Britain. Casey Stubbs has an interesting technical observation on GBP/JPY.
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In Australia, the MI Inflation Expectations dropped to 3.2%, indicating that inflation still isn’t a problem for Australia – no urgent need to raise the rates.
The more figures are in the employment field: Australia’s unemployment rate edged up from 5.7% to 5.8%, within expectations. The surprise came from the Employment Change figure: Australia gained 24.5K jobs, far better than a 10K job loss that was predicted.
This sent AUD/USD up to 0.9368, a year-to-date high, before easing to 0.9338 at the time of writing. Fore more on the Aussie, read the AUD/USD Forecast.
In Europe, the ECB Monthly Bulletin is expected to give a broad overview of the European economies, a day before the GDP releases. Later, Industrial Production for the whole of Europe is predicted to post a 0.6% rise. Note that the continent’s largest economies, already published their industrial production figures, and they were better than expected.
Near the end of the day, Jean-Claude-Trichet, president of the ECB, will make a public appearance, and might move the markets as well.
EUR/USD now trades around 1.50. For more on the EUR/USD, and especially tomorrow’s GDP numbers, read the EUR/USD Forecast.
In Switzerland, ZEW Economic Expectations is expected to continue rising. Later, a speech by SNB Governing Board Member Thomas Jordan is due. USD/CHF is at 1.0073, quite close to parity.
The Canadian dollar continued the rally against the greenback following the break of the support line on Tuesday. USD/CAD now trads at 1.0444.
NHPI (New Housing Price Index) is expected to rise again this month, this time by 0.2%. The most important Canadian release is tomorrow. Read more at the USD/CAD Forecast.
In the US, weekly Unemployment Claims are predicted to remain stable, at 512K. This figure has been on a positive trend, but America is still losing jobs.
Later in the US, the Federal Budget Balance is predicted to show a huge deficit of 152 billion dollars, much worse than last month’s 46.6 billion. Also note a public appearance by Timothy Geithner, US Treasury Secretary.
That’s it for today. Happy forex trading!Get the 5 most predictable currency pairs