Forex Daily Outlook – January 22nd 2010
The dollar is sweeping the board. Today we have no releases from the US, but important events elsewhere, with British and Canadian retail sales standing out. Let’s see what’s closing this volatile week.
Australian Import Prices start the day with an expected fall of 1.7%, following last month’s drop. The Aussie has lost a lot of ground due to China’s tightening this week.
In Britain, Retail Sales will close an eventful week. They are predicted to rise by 1.3% after a drop of 0.3% last month. Despite getting good figures this week, Mervyn King made it clear that no rate hikes will be seen soon, so the Pound is suffering as well.
In Europe, Industrial New Orders are expected to rise by 0.6% after dropping by 2.2% last month. Later in the day, the Belgium NBB Business Climate is predicted to improve, but still remain in the negative zone.
EUR/USD has fallen to a new range, between 1.40 and 1.42. These lines are described in the EUR/USD forecast.
If you’re into EUR/GBP, that fell a lot, you’re welcome to read an interesting analysis on Casey’s site.
Also the Canadian dollar is having an eventful yet unsuccessful week, with a dovish rate decision on top of everything. The loonie’s week will close with Retail Sales which are predicted to drop by 0.3% after rising last month. Core Retail Sales are expected to continue rising steadily by 0.2%.
For USD/CAD technical lines, read the Canadian dollar forecast.
That’s it for today and this week. Happy forex trading!
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See what other traders are doing in real forex accounts. Check out Currensee. It's free..
I can now see what you meant by going BEARISH on USD/CAD am on the trade today but it shows sign of BULLISH any moment,what do you think will happen by 2:30pm today when the news on CAD will be released is it gonna be BULLISH or BEARISH?please send the reply to my mail on time before the news at 2:30pm.Thanks