Forex Weekly Outlook March 5-9

The US dollar is holding a strong position and had sailed out of the losses at QE3, While Greece is still sailing through hard times. Let’s take a look at the major currency fluctuations and aspects:

US ISM Non-Manufacturing PMI:

15:00, Monday

The service sector of US has shown a remarkable improvement in the past month. The reading was 53.2 in the month of December and this graph has gone high to 56.8. It is expected that the graph will go down to 56.3 in near future.

Australian GDP:

0:30, Wednesday

The Australian GDP climbed by 1% in the 3^rd quarter and also 1.4% growth in the 2^nd quarter. Though a growth is noticed on the government had planned a lower GDP growth for the next year to 3.25%. But right now we can expect growth of 0.7%.

UK rate decision:

12:00, Thursday

The Bank of England has set its QE plan to £325 billion from mere £50 billion but also decreased its interest rate by 0.5%.

US Unemployment Claims:

13:30, Thursday

US noticed a decline in the natives filing for unemployment benefits. Tough the unemployment is decreasing in US, the unemployment rate will take some time to be stable.

US Trade Balance:

13:30, Friday

Due to higher imports this season, US Trade Balance faced a deficit of $48.8 billion. This was an expected outcome by the market. More investment opportunities are giving positive vibes for lower imports. Still, a little more deficit is expected.