Forex Daily Outlook – October 7th 2009
Daily Look

Forex Daily Outlook – October 7th 2009

A day after Australia’s rate hike, the forex market continues to feel the dollar’s weakness. Today’s calendar is relatively light, with European figures dominating it. Let’s see what’s on the menu today.

Glenn Stevens’ rate hike yesterday was very dramatic and influenced other currencies as well. The question is: which country will follow with raising the rates? My answers are inside.

British Nationwide Consumer Confidence exceeded expectations and rose up to 71. It doesn’t seem to help the Pound. For more on cable, read the GBP/USD Outlook.

In Australia, the day after the dramatic rate hike saw a 0.6% decline in Home Loans. This met expectations. For more on the Aussie, read the AUD/USD Outlook.

Japanese Leading Indicators went up to 83.3%, which wasn’t surprising. Swiss Unemployment Rate also met expectations and edged up to 4.1%.

In Europe, Final GDP is expected to confirm a contraction of 0.1% in the second quarter. Later, German Factory Orders are predicted to show a more modest rise than last month – 1.3% instead of 3.5%.

For more on the Euro, read EUR/USD Outlook and Casey Stubbs’ latest technical analysis.

In the US, the only figure today is Consumer Credit, which is expected to decline from -21.6 to -10 billion.

That’s it for today. Happy forex trading!

Yohay Elam

Yohay Elam

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.