Forex Daily Outlook – September 8 2010

U.S. Beige Book, Canadian rate decision, Building Permits and PMI are the leading events on our calendar. Here is an outlook on the most influential events awaiting us today.

In the US, Beige Book a part of the economic data upon which the Federal Reserve makes its decision on interest rates two weeks later.

In Canada, Canadian rate decision a paramount factor in currency valuation. The Governing Council of the BOC, is predicted to hike the rate to 1% and rock the Canadian Dollar and the BOC Rate Statement will provide an economic outlook and offer clues on the outcome of future decisions which will have a considerable effect on the loonie.

More in Canada, Building Permits a leading   gauge of future construction activity  expected to drop 4.2% following 6.5% rise in June a temporary setback in the building industry.

Later in Canada, Ivey Purchasing Managers’ Index released monthly predicted to rise by 1.9 points compared to July reaching 55.9 points.

For more on USD/CAD, read the  Canadian dollar forecast.

In Europe, German Industrial Production a leading indicator of economic health released monthly, forecasted 1.1% rise after 0.6% drop in June returning the positive trend in the market.

Also in  Europe, Deutsche Bundesbank President Axel Weber one of the most influential members of the council speaks in Frankfurt this could effect the Euro as well as provide information on future monetary policy.

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

In Great Britain, Halifax HPI a leading indicator of the housing industry’s health experienced a promising 0.6% rise in July however a drop of 0.3% is expected in August.

Later in Great Britain, Manufacturing Production a leading indicator of economic health, measuring change in the total inflation-adjusted value of output produced by manufacturers expected the same 0.3% rise as in June where the forecast was higher than the actual rise.

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

In Australia, Home Loans measuring change in the number of new loans granted for owner-occupied homes predicted 1.1% increase after 3.9% dip in June an optimistic sign for the housing industry.

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

In Japan, BOJ Monthly Report contains the statistical data that the BOJ Policy Board members evaluated when making the latest interest rate decision, and provides detailed analysis of current and future economic conditions from the bank’s viewpoint and can affect the Yen.

More in Japan, BSI Manufacturing Index a leading indicator of economic health released monthly, expected 6.3 points 3.7 points weaker than in the previous month though still an optimistic figure.

That’s it for today. Happy forex trading!

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