Following yesterday’s excitement (or rather the lack of it) after the release of the FOMC statement, today is a relatively quiet day for fundamental news on the economic calendar, particularly in Europe where we have only one item, the Industrial New Orders Data.  These measure the change in the total value of new purchase orders placed with manufacturers and the data came out worse than expected at -1% against a forecast of zero and painted a deteriorating picture when viewed against last month’s figures.  Indeed year on year new orders have plunged by more than one third, indicating a record decline in the markets.

Meanwhile in the US the important number for the day is the weekly unemployment claims which are forecast at 602k, a slight decline on last week’s figure of 608k and given the lack of news elsewhere the markets may decide to react more than usual should the numbers come in way above or below expectation.   At the same time we have the final GDP figures which are forecast at -5.7% indicating no change since the last quarter.  As these are the final numbers, and the third in the series, their impact on the market is muted unless there is a grotesque distortion.  One final item of news is another speech from Fed Chairman Ben Bernanke where he is testifying before the House of Representatives on the catch topic of “Oversight and Government Reform” which can be loosely translated as “Oops Didn’t See That One Coming, What Shall We Do Now”.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.