The first week of the month is always busy in forex trading. Apart from Non-Farm Payrolls, we have 3 GDP releases and 4 rate decisions from all over the world, and many other major events. Let’s see what’s awaiting us on the crowded calendar. The Non-Farm Payrolls will definitely attract more and more attention and cause more tension as the week proceeds. Remember to be very careful with trading this event. Check out my 5 notes for Non-Farm Payrolls trading. OK, let’s start the outlook: European Unemployment Rate: Published on Monday at 10:00 GMT. One of biggest burdens on Europe is unemployment rate, standing at 10%, double digits, for two months. In Spain, the number reaches 20%. A drop in this figure is essential for moving the interest rate, but it will probably take the other direction and rise to 10.1% Canadian GDP: Published on Monday at 13:30 GMT. Canada’s unique monthly GDP has posted three positive months, with the last print being better than expected 0.4%. The upcoming release is expected to show another 0.4% rise and completes the data for Q4 of 2009 and should provide another boost for the Canadian dollar. American ISM Manufacturing PMI: Published on Monday at 15:00 GMT. This important purchasing managers’ index has been on the rise and jumped up to 58.4 points last month, significantly better than expected. It’s now predicted to ease to 57.9 points. Australian rate decision: Published on Tuesday at 03:30 GMT. After last month’s disappointing decision not to raise the rates, there have been different hints about the upcoming decision, most of them leading to a fourth rate hike, to 4%. This should help the Australian dollar, that was hurt by risk aversion trading. Swiss GDP: Published on Tuesday at 06:45 GMT. Switzerland was relived of 3 quarters of contraction in Q3 of 2009, when the economy grew by 0.3%. This stable recovery is expected to continue and push the Swissy upwards, despite the central bank’s effort to bring it down. Canadian rate decision: Published on Tuesday at 14:00 GMT. The BOC is expected to leave the Overnight Rate unchanged at 0.25%, and again, the focus will be on the rate statement. The BOC was very clear about the timing – June 2010. Some expected a declaration about an earlier move, but this didn’t happen in previous decisions. Will it happen this time? American Beige Book: Published on Tuesday at 19:00 GMT. Two weeks before the FOMC meeting which decides on rates, this overview of the economy is released to the public. This could provide a hint about the next decision, or the next moves by the Fed, such as the recent surprising mini rate hike. Australian GDP: Published on Wednesday at 00:30 GMT. The Australian economy enjoyed an improving job market throughout the fourth quarter of 2009, and this should be reflected in the GDP as well, showing the strength of the Australian economy. Q3 was disappointing, with a small growth rate of 0.2%. A strong growth rate of 0.9% is now expected. American ADP Non-Farm Payrolls: Published on Wednesday at 13:15 GMT. This release always shakes the markets, as it’s sometimes considered to be a strong indicator for the Non-Farm Payrolls. Last month it showed a loss of only 22K jobs, better than expected – but the Non-Farm Payrolls were worse than expected. So this figure should be handled with care. It’s expected to show a small drop of 9K. American ISM Non-Manufacturing PMI: Published on Wednesday at 15:00 GMT. In the non-manufacturing sectors, the situation isn’t as good as in manufacturing. ISM showed a score of only 50.5 points, hardly above the critical 50 point mark that indicates economic expansion. This figure fell short of expectations in the past four months. A small rise to 51 is expected. British rate decision: Published on Thursday at 12:00 GMT. Mervyn King hurts the Pound every week. This time, his chance will come at the decision about the Official Bank Rate which will probably stay at 0.5%. Also the Quantitative Easing program (Asset Purchase Facility) isn’t predicted to move from the 200 billion pound already allocated to it, but there might be hints about its renewal. European rate decision: Published on Thursday at 12:45 GMT. Just 45 minutes after the British decision, Jean-Claude Trichet’s ECB will announce the European Minimum Bid Rate. Also here, no changes are expected, but the complementary ECB Press Conference will supply lots of action. The Greek crisis will still be in the limelight. American Unemployment Claims: Published on Thursday at 13:30 GMT. Providing the last hint about the Non-Farm Payrolls, this weekly release is expected to show some improvement after last week’s disappointing figure – a rise to 496K, a number not seen in a long time. It’s expected to drop back to 474K. American Pending Home Sales: Published on Thursday at 15:00 GMT. This figure returned to stability last month, rising by 1%, but this time it’s predicted to fall again as the housing sector continues to suffer, as we see in the new and existing home sales numbers. A rise of 1.6% is expected. Non-Farm Payrolls: Published on Friday at 13:30 GMT. After two more months of negative numbers, the king of forex, the predictions now turned negative. Last month’s releases were confusing, as 20K jobs were lost, but the unemployment rate dropped significantly from 10% to 9.7%. Will it be confusing again? Or will we see finally see good numbers? This event will impact forex trading before and after the event, for quite some time. Current expectations are for another loss of jobs: 35,000. Also the unemployment rate is expected to be bad, edging up to 9.8%. That’s it for the major events this week. I’ll later post specific currency coverages. Have a great week! Further reading: For the Euro, read the EUR USD Forecast. For GBP/USD, look into the British Pound forecast. For the Australian dollar, read the AUD/USD forecast. For USD/CAD, check out the Canadian dollar forecast. Want to see what other traders are doing in real accounts? Check out Currensee. It’s free. 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. Yohay's Google Profile View All Post By Yohay Elam Weekly Forex Forecasts share Read Next USD/CAD Outlook – March 1-5 2010 Yohay Elam 12 years The first week of the month is always busy in forex trading. Apart from Non-Farm Payrolls, we have 3 GDP releases and 4 rate decisions from all over the world, and many other major events. Let's see what's awaiting us on the crowded calendar. The Non-Farm Payrolls will definitely attract more and more attention and cause more tension as the week proceeds. Remember to be very careful with trading this event. Check out my 5 notes for Non-Farm Payrolls trading. OK, let's start the outlook: European Unemployment Rate: Published on Monday at 10:00 GMT. 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