Trends for Today by 01/02/2010

Market Notes:

US GDP of the last quarter of ’09 came out much better than expected, which caused USD to strengthen against all the currencies.
GBP is weakening today since Great Britain is the where the highest number of Greek bonds is being held and Greece defaulting on payments would be serve a blow to the British currency.

The SNB has finally intervened the forex market after EUR/CHF has renewed its downtrend and reached 1.4635 level. The intervention caused the pair to rise to 1.4764, however Francs further appreciation seems inevitable.

We have another busy fundamental week in front of us with Australian interest rate tomorrow that expected to rise by 0.25%, New Zealand’s unemployment rate on Wednesday, interest rate decision in UK and Euro zone that expected to stay unchanged on Thursday, Canadian unemployment rate on Friday and of course the US non-farm payrolls on the same day.

Daily Trends & Charts

Watch the Fundamentals!(GMT time)
Friday – UK House Price Index: 1.2% vs. 0.4% exp.
EU Unemployment Rate: 10.0% vs. 10.1% exp.
Swiss Economic Barometer: 1.77 vs. 1.72 exp.
Canadian GDP (monthly): 0.4% vs. 0.3% exp.
US GDP (quarterly): 5.7% vs. 4.5% exp.
TODAY – UK Manufacturing PMI: 56.7 vs. 54.1 exp.
US Manufacturing PMI at 15:00.
NZ Labor Cost Index at 21:45.
Tomorrow – AU Interest Rate Decision at 03:30.
US Pending Home Sales at 15:00.

Good Day!!!
“Trends for today” is presented by Danny Spivak

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