The first day of March brings a busy calendar which isn’t typical for Mondays. Canadian GDP, European Unemployment Rate and U.S. ISM Manufacturing PMI will stand out today. As time goes by this week, trading will be more and more influenced by the tension towards the Non-Farm Payrolls. I suggest being careful with this event.
OK, let’s start the review:
Australia’s Glenn Stevens might provide final hints to the upcoming rate decision in an early speech. The AIG Manufacturing Index will be released, Commodity Prices rose 0.6%, and Current Account gap widen. Aussie traders have a busy week. For more, read the AUD/USD forecast.
In Europe, German Import Prices rise accelerated in January and the Final Manufacturing PMI experienced sharpest output rise since January 2007. The more important release in Europe is the Unemployment Rate, which held steady at 9.9%. For more on the Euro, check out the EUR/USD forecast and Casey Stubbs’ latest analysis.
British Manufacturing PMI came in strong, but not enough to help the Pound. Net Lending to Individuals increased to 2 billion from 1.2 billion. For more on the British Pound, check out the GBP/USD forecast.
In Canada, monthly GDP grew 0.6%, beating the previous quarter. Note that this release completes Q4 of 2009 and should be interesting to watch. Also in Canada, Raw Materials Price Index rose 3.3%. For more on USD/CAD, read the Canadian dollar forecast.
In the US, Core PCE Price Index remained unchanged, Personal Spending rose 0.5%, and Personal Income lagged behind with a 0.1% growth. The more important release is the ISM Manufacturing PMI – this figure jumped to 58.4 points, and dropped to 56.5 in February, which is still great.
Japan closes the day with Household Spending, which is expected to show a year over year rise of 2.6%. The Japanese Unemployment Rate will probably remain unchanged at 5.1%.
That’s it for today. Happy forex trading!
Yohay Elam is the owner of Forex Crunch, a blog about the foreign exchange market. It includes tutorials, basics of the forex market, daily and weekly forex analysis, technical analysis, forex software posts, and whatever is related to Forex.
Article copyrighted by Yohay Elam. Content published with author's permission.
