GBP/USD Fundamental Analysis February 3 , 2012, Forecast

February 2, 2012 7:50 PM GMT

FXEmpire

Economic Events: (GMT)

09:30     GBP       Services PMI                                                                     53.5                         54.0

The Services Purchasing Managers' Index (PMI) measures the activity level of purchasing managers in the services sector. A reading above 50 indicates expansion in the sector; a reading below 50 indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company's performance, which can be a leading indicator of overall economic performance.

A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.                          

 10:00    EUR        Retail Sales (MoM)                                                        0.4%                      -0.8%

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Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity. 

A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

00:15     USD       FOMC Member Fisher Speaks

Federal Reserve Bank of Dallas President and Federal Open Market Committee (FOMC) voting member (2008 and 2011) Richard Fisher is to speak. FOMC members are responsible for setting the benchmark interest rate and their speeches are closely watched for indications on the future possible direction of monetary policy.

His comments may determine a short-term positive or negative trend                                                         

 13:30    USD      Average Hourly Earnings (MoM)                              0.2%                      0.2%                     

 13:30    USD      Nonfarm Payrolls                                                         150K                      200K                     

 13:30    USD       Unemployment Rate                                                   8.5%                      8.5%                     

13:30     USD       Private Nonfarm Payrolls                                          170K                      212K

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