Forex Daily Outlook – September 8 2011

US trade balance, Ben Bernanke’s speech and US Unemployment claims are the major market-movers. Let see what awaits us today.

In theUS, Trade Balance, The gap between imports and exports has widened in June reaching -53.1B from -50.8B in the previous month. The gap is expected to narrow to -50.3B this time.

Ben Bernanke speaks inMinneapolis. Ben Bernanke the Federal Reserve Chairman is scheduled to speak inMinnesota. His words have major influence on the markets.

Later in theUS, Unemployment claims dropped to 409,000 last week from421,000 inthe prior week signaling a small improvement in the Job market. The same figure of 409,000 new claims is predicted this week.

More in theUS, Crude Oil Inventories increased to 5.3M last week more than the 0.5M predicted. This time a drop of 2.9M is forecasted.

InCanada, Building Permits. The value of new building permits increased by 2.1% in June, after surging 20.9% in May. This rise is contrary to the 4.8% drop predicted. A further rise of 4.3% is expected now.

More inCanada,  Trade balance reading showed that more goods were imported in June reaching -1.6B from -1.0B in the previous month. An improvement to -0.8B is forecasted.

Finally inCanada, New Housing Price Index increased less than predicted gaining 0.3%  following 0.4% increase in May. This tine 0.4% rise is predicted.

InEurope, Rate decision, the ECB maintained its minimum bid rate at 1.50% in August and is predicted to leave this rate unchanged. The rate decision will be followed by the ECB press conference open to press where valuable information could be revealed.

InGreat Britain, Asset Purchase Facility was maintained at £200 billion in August as in previous months and is not expected to change this time.

More inGreat Britain, Rate decision. In the last MPC meeting the official rate was maintained at 0.50%. No changes are forecasted.

InAustralia, Employment change. The Australian job market contracted by 0.1K in July. This reading contrasted predictions of a 10.2K gain. This time an increase of 10.4K new jobs is expected.

More inAustralia, Unemployment rate increased in July reaching 5.1% from 4.9% in June. The same figure is expected now.

InNew Zealand, REINZ House price index dropped 0.6% in July following 1.3% gain in June. An increase is expected now.

InJapan, BOJ Monthly Report The bank ofJapanwill issue its report explaining the recent rate decision.

More inJapan, Final GDP contracted, in line with predictions, by 0.9% in the first quarter of2011. Asmaller decrease of 0.5% is predicted.

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