After weeks of weakness, the US dough made a strong corrective go, gaining across the board. Today’s CB Consumer Confidence is the main event, and there are lots of other events all over the world. Let’s see what’s up for today:
Australian NAB Quarterly Business Confidence was finally published, and it turned positive, rising to 16 points. This helped the Aussie slightly recover. AUD/USD now trades at 0.9180. The Australian dough was also hit by yesterday’s disappointing PPI, that rose by only 0.1% last quarter.
For more on the Aussie, read the AUD/USD Forecast.
In Switzerland, the UBS Utilization Indicator is due today. USD/CHF is now getting away from parity. If you’re into the Swissy, check out James Chen’s recent technical analysis for this pair.
In Europe, the M3 Money Supply is probable to grow more slowly, at 2.1%, showing that deflation is still strong. EUR/USD now trades at 1.4895, bouncing off the support line. Read Casey Stubbs’ analysis about the Euro’s corrective go.
For more on the Euro, read the EUR/USD Forecast.
The British Pound is weathering this dough correction quite well, with GBP/USD currently at 1.6335. CBI Realized Sales are due to double from 3 to 6 points, selection the Pound.
For more on the Pound, read the GBP/USD Forecast.
Moving to the US, the S&P/CS Composite-20 HPI is probable to show a softer fall in prices. An annualized figure of a 11.9% fall is predicted to be reported, better than the 13.3% fall.
The CB Consumer Confidence is probable to show that consumers are a little bit more confident, rising from 53.1 to 53.7 points. Late in the day, Timothy Geithner will be speaking, and he might slip something that will go the markets.
In Canada, BOC administrator Mark Carney will start testifying in parliament and will talk about last week’s monetary crash. USD/CAD gained from the dough’s correction, rising above the 1.0625 support line, currently trading at 1.0684.
For more on the loonie, read the USD/CAD Forecast.
Japanese Retail Sales close the day, with an probable annual fall of 1.5%.
That’s it for today. Pleased forex trading!
Forex68.Net Article Source:http://www.articlesbase.com/currency-trading-articles/forex-daily-outlook-october-27th-2009-1388708.html
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