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US Unemployment Claims and US ISM Manufacturing PMI are  the main events today.   Here is an outlook on the market-movers awaiting us

In the US, Unemployment Claims measuring the number of Americans filing initial claims for unemployment increased by 2,000 last week to 393,000 while expected to drop to 389,000 indicating a relative stability in the Job market. A drop to 390,000 is expected.

More in theUS, ISM Manufacturing PMI measuring the purchasing activity of companies decreased to 50.8   in October from51.6 inthe previous month indicating expansion has moderated. An increase to 51.6 is predicted now.

Later in the US, Construction Spending increased by 0.2% in September below the 0.4% gain predicted and following 1.6% growth in the prior month.

More in the US, Natural Gas Storage reached 9B last week from 19B in the preceding week.

Finally in the US, Total Vehicle Sales increased in October to 13.3 million after 13.1 million in September.

In Europe, Mario Draghi president of the ECB is scheduled to talk about the 2010 Annual report in Brussels.

For more on the Euro, read the  Euro to dollar forecast.

In Great Britain, Halifax House price index increased more than predicted by 1.2% in October following 0.3% decline in the previous month indicating a certain recovery trend in the housing market.

More in Great Britain, Manufacturing PMI measuring purchasing activity among manufacturers dropped to47.4 inOctober following 50.8 reading in the prior month. The decline was below the 50.0 predicted indicating contraction. A further decline to 47.1 is forecasted.

Later in Great Britain, BOE Financial Stability Report will be released analyzing the current state of theUKeconomy including future predictions on possible downside risks and means to stabilize the financial system.

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

In Switzerland, SVME PMI measuring purchasing activity among manufacturers declined to46.9 in October after48.2 inSeptember indicating a slowdown in activity. A further decline to 46.6 is forecasted.

Read more about the Swiss franc in the USD/CHF forecast.

In Australia, Building Approvals plunged 13.6% in September well below the 4.5% drop predicted and after 10.7% gain in the preceding month indicating a slowdown in the housing market. A rise of 3.6% is expected now.

More inAustralia, Retail Sales gained 0.4% in September below the 0.5% increase predicted and following 0.6% gain in the previous month. Another 0.4% rise is expected now.

Finally in Australia,   October Commodity Prices increased by 19.4% on a yearly base following 21.9% rose in the previous month a good sign forAustralia’s growth rate and trade balance.

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

In Japan, Capital Spending dropped 7.8% in the second quarter following 3.0% gain in the first quarter while 1.1% growth was predicted. Another contraction of 3.4% is predicted now.

Read more about the yen in the USD/JPY forecast.

That’s it for today.

Happy forex trading!

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