Forex Daily Outlook – September 8th 2009
Daily Look

Forex Daily Outlook – September 8th 2009

The week opened with a breakout of NZD/USD and the confirmation of the AUD/USD breakout. The dollar’s weakness is felt across the board. Without any major American releases after the Labor Day holiday, British  Manufacturing Production and  German Industrial Production are the highlights of today. Let’s see what’s up for today.

Australian NAB Business Confidence continued the positive trend and rose from 10 to 18 points. The Aussie’s breakout was confirmed at the beginning of the new trading week.

For more on AUD/USD, read the Australian Dollar Outlook.

Swiss  Unemployment Rate surprised with a rise to 4%, less than 4.1% that was expected.

German Trade Balance showed a better than expected surplus – 12.4 billion. . German Industrial Production is expected to turn positive and rise by 1.6% this time. Yesterday’s good German Factory Orders helped the Euro. Later in Europe,  Deutsche Bundesbank President Axel Weber will speak. He sure can shake the EUR/USD.

For more on the Euro, read the EUR/USD Outlook.

In Britain,  Manufacturing Production is expected to continue rising – this time by 0.3%. Also note the Industrial Production release. Later in Britain,  NIESR GDP Estimate will give an updated though not official estimate on the British economy’s performance. Did it return to growth in the third quarter?

Near the end of the day, British  Nationwide Consumer Confidence survey is released. The positive trend is expected to continue – a rise from 60 to 62 is expected.

For more on the British Pound, check out the GBP/USD Outlook.

After a long holiday weekend, Canadians return to work and so do the indicators:  Building Permits are expected to rise by 0.5% after a nice rise of 1% last month. This major indicator may help the USD/CAD breach the support line.

For more on the loonie, read the Canadian Dollar Outlook.

In the US, the first release for the week is  Consumer Credit, which is expected to squeeze to 3.8 billion.

That’s it. 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.