Forex Daily Outlook – August 24 2010
We have some interesting updates coming up today, Existing Home Sales in the US, Core Retail Sales in Canada, Inflation Expectations Percentage in New Zealand and more. Let’s see what awaits us today.
In the US Existing Home Sales, the main gauge of the condition of the US housing market measuring the number of closed sales of previously constructed homes, condominiums and co-ops, that triggers a wide-reaching ripple effect. The sales of existing homes are expected to expose more weakness in the US housing market with up to 7.2% drop and 4.63 M homes sold in July from 5.37 M in June.
In the US, Richmond Manufacturing Index, Monthly Survey of about 100 manufacturers in the Richmond area which asks respondents to rate the relative level of business conditions including shipments, new orders, and employment, indicates improving conditions with 14 points.
In Canada, Core Retail Sales, the total value of sales at the retail level, excluding automobiles, increased by 0.2%. Automobile sales account for about 20% of Retail Sales that increased by 6%, but they tend to be very volatile and distort the underlying trend. The Core data is therefore thought to be a better gauge of spending trends;
More in Canada, Bank of Canada (BOC), Deputy Governor John Murray delivers a speech titled “Re-examining Canada’s Monetary Policy Framework: Recent Research and Outstanding Issues” at the Canadian Association for Business Economics, in Kingston; and influence the future monetary policy;
For more on USD/CAD, read the Canadian dollar forecast.
In Europe, Industrial New Orders, the total value of new purchase orders placed with manufacturers decreased by 2.2%. a leading indicator of production.
Also in Europe, Belgium National Bank of Belgium (NBB); Business Climate, Monthly Survey of about 6,000 businesses which asks respondents to rate the relative level of current business conditions and expectations for the next 6 months, increased by 0.4%, it’s a leading indicator that can be an early signal of future economic activity such as spending, hiring, and investment.
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Great Britain, British Bankers’ Association (BBA); Mortgage Approvals, the Number of new mortgages approved for home purchase by BBA-represented banks during the previous month decreased by 0.5%. It’s a leading indicator of housing market, so it provides an excellent gauge of how many qualified buyers are entering the market.
Read more about the Pound in the GBP/USD forecast.
In New Zealand, Inflation Expectations Percentage that business managers expect the price of goods and services to change annually during the next 2 years stabilized on 2.8%, and expectations of future inflation can manifest into real inflation.
In Japan, Trade Balance of the difference between imported and exported goods. The Japanese trade surplus is forecasted to show a minimal increase to 470 B yen from 460 B in the previous month, but a decline in exports would signal that the Japanese economic recovery could be losing momentum.
More in Japan, Corporate Services Price Index (CSPI); the price of services purchased by corporations decreased by 0.8%, It’s a leading indicator of consumer inflation, the higher costs are usually passed on to the consumer.
That’s it for today. Happy forex trading!
Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.
GBP/USD Outlook – August 23-27
A relatively light week expects cable traders, yet the GDP release will definitely create waves for quite some time. Here’s an outlook for the British events, and an updated technical analysis for GBP/USD. GBP/USD chart with support and resistance lines marked. Click to enlarge: While inflation slides gradually back into target, there’s still one member [...]
Forex Daily Outlook – July 23 2010
Canada’s Core CPI, Europe’s Bank Stress Test Results and other optimistic forecasts close another trading week. Here is an outlook on today’s economic events. In Canada, Core CPI expected 0.1% rise following 3.0% rise in the past two months while CPI is expected a 0.2% dip following 3.0% rise last month. For more on USD/CAD, read [...]
GBP/USD Outlook – July 19-23
The initial release of GDP, meeting minutes and retail sales are part of the events that will rock the Pound in a busy week. Here’s an outlook for the British events and an updated technical analysis for GBP/USD. GBP/USD daily chart with support and resistance lines marked. Click to enlarge: The Pound got out of [...]
Forex Daily Outlook – June 23 2010
Today’s highlight is the FOMC statement that accompanies the American rate decision, followed by GfK German Consumer Climate in Europe and more exciting news. Let’s see what awaits us today. In the US, New Home Sales expected to drop 69K this month reaching 435K after the sharp rise in May’s report.
GBP/USD Outlook – June 21-25
The emergency budget that the new government will bring to parliament is the main event for the upcoming week. Here’s an outlook for the British events and an updated technical analysis for GBP/USD. GBP/USD chart with resistance and support lines on it. Click to enlarge: The past week saw positive news from Britain: unemployment made [...]
Forex Daily Outlook – May 25 2010
US Consumer Confidence is expected to continue its rise as well as Composite-20 HPI. US, Federal Reserve Bank of St Louis President James Bullard delivers a speech in London and House Price Index is expected to rise. Let us see what awaits us today. In the US, CB Consumer Confidence is expected to continue its rise [...]
GBP/USD Outlook – May 24-28
A revised version on the GDP and 5 other events will shake the Pound, now at lower ground. Here’s an outlook for the British events and an updated technical analysis for GBP/USD. GBP/USD chart with support and resistance lines marked. Click to enlarge: While the political uncertainty didn’t stay too long, the Pound’s situation is [...]
Forex Daily Outlook – April 27 2010
A good stat of the week for US market Consumer Confidence index and House Price Index are expected to rise. A Positive tendency is also felt in other markets. Let’s see what awaits us today. In the US, Consumer Confidence is up in the US, a leading indicator of consumer spending released monthly shows an [...]
GBP/USD Outlook – April 26-30
A volatile week ended with a disappointment – weak British growth. Now, the Pound expects a relatively light week, with a few housing figures standing out. Here’s an outlook for the British events and an updated technical analysis for GBP/USD, two weeks before the elections. GBP/USD chart with support and resistance lines marked. Click to [...]
keep looking »Popular Forex Posts
Daily FX Headlines- Forex Strategy Corner: Bollinger Bands Techniques for Trading September 2, 2010
- EUR/USD: Trading the Change in U.S. Non-Farm Payrolls September 2, 2010
- US Dollar Forex Options Sentiment Points to Pullbacks September 2, 2010
- The FX Market has now Entered the Pull of Friday NFPs September 2, 2010
- British Pound Forecast to decline Against Japanese Yen September 2, 2010
-
Stay up to date!
-
-
