by Joe Oliver, Forex Trading-Pips

Forex Daily Outlook Forex Crunch:

US PPI, Prelim UoM Consumer Sentiment ad Canadian Manufacturing Sales are the main market movers

In the US, PPI. Producer Price Index edged down 0.7% in April, worse than the 0.6% drop anticipated, following a 0.6% decline in the previous month. A 0.1% gain is expected now.

More in the US, Prelim UoM Consumer Sentiment. University of Michigan’s survey showed consumer sentiment improved in May to 83.7 from 76.4 in April, better than the 77.9 forecast. A further rise to 84.9 is expected this time.

Also in the US, Current Account deficit in the fourth quarter of 2012 declined to $110 billion, down $2 billion from the third quarter. Current Account is predicted to reach $111 billion in the first quarter of 2013.

Further in the US, Capacity Utilization Rate. The utilized portion of available resources declined in April to 77.8% after posting 78.3 in March. The reading was lower than the 78.4% predicted by economists. A rise to 77.9% is projected.

Finally in the US, Industrial Production fell 0.5% in April, much worse than the 0.1% decline anticipated, following a 0.3% gain in the previous month. A rise of 0.3% is expected now.

In Canada, Manufacturing Sales. The value of producer’s sales declined in March by 0.3% following a 2.8% climb in February. The reading missed the estimate a 0.6% gain.

In Europe, CPI. Consumer Price Index climbed 1.2% in April, in line with market forecast, following the same clime in the previous month. Meanwhile Core CPI increased 1.0% as predicted, after a 1.5% rise in March. CPI is expected to reach 1.4% while Core CPI is predicted to climb 1.2%.

More in Europe, Employment Change. The Euro area job force contracted 0.3% in the fourth quarter of 2012, after a 0.1% decline in the third quarter. The reading was lower than the 0.1% decline anticipated by economists. A 0.2% decline is expected in the first quarter of 2013.

For more on the Euro, read the Euro to dollar forecast .

In Great Britain, CB Leading Index. The Conference Board release of 7 economic indicators increased 0.4% in March as in the previous month. A similar rise is anticipated now.

More in Great Britain, Ian McCafferty speaks. External BOE MPC Member Ian McCafferty will speak in London. Clues on future Monetary policy may be obtained.

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