Forex Daily Outlook – August 25 2010

Very interesting news and updates coming up today. New Home Sales in the US, Corporate Profits in Canada, Construction Work Done in Australia. Let’s see what awaits us today.

In the Us, New Home Sales, an important gauge of housing market conditions measuring the number of newly constructed homes with a committed sale during the previous month, The U.S. new home sales are forecasted to rise a bit to 340 K in July from 330 K, but considering the weak housing starts figures, this report could have the potential to disappoint.

Later in the US, Durable Goods Orders, a leading indicator of economic activity measuring durable goods orders placed with domestic manufacturers. With the US industrial production rising more that the estimates and the manufacturing sector leading the recovery, the orders for durable goods could confirm the trend with an increase of 3.0% m/m in July from the 1.2% drop in June.

More in the US, Crude Oil Inventories, the number of barrels of crude oil held in inventory by commercial firms during the past week; decreased by 7M and It influences the price of petroleum products which affects inflation, but also impacts growth as many industries rely on oil to produce goods;

Finally in the US, HPI House Price Index (HPI), the purchase price of homes with mortgages backed by Fannie Mae and Freddie Mac, decreased by 4%, a leading indicator of the housing industry’s health, rising house prices attract investors and spur industry activity.

In Canada, Corporate Profits, the total value of profits earned by corporations stabilized on 4.8% and it’s a leading indicator, businesses are quickly affected by market conditions, and changes in their earnings can be an early signal of future economic activity.

For more on USD/CAD, read the Canadian dollar forecast.

In Europe, Germany IFO Institute Business Climate and Expectations Index, a leading indicator of economic conditions and business expectations in the Euro-zone’s largest economy, The ZEW institute survey, which is a leading indicator of the German IFO, registered a larger-than-expected decline and it would not be surprising the see the same outcome for this report as the IFO index is expected to pull back to 105.5 from 106.2.

For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.

Read more about the Pound in the GBP/USD forecast.

In Australia, Construction Work Done, the total inflation-adjusted value of construction projects completed increased by 1.1% and it’s an important gauge of the construction industry, which has a sizable impact on overall employment and spending

For more on the Aussie, read the AUD/USD forecast.

That’s it for today. Happy forex trading!

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Forex Daily Outlook – May 26 2010

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AUD/USD Outlook – May 24-28

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Forex Daily Outlook – February 24th 2010

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AUD/USD Outlook – February 22-26

The Aussie enjoyed talks about future rate hikes to make gains this week, despite Bernanke’s mini-rate hike. The upcoming week contains a few quarterly releases that will move the Australian dollar. Here’s an outlook for the Aussie and an updated technical analysis for AUD/USD. AUD/USD graph with support and resistance lines marked. Click to enlarge: [...]

Forex Daily Outlook – November 25th 2009

The day before Thanksgiving also brings a crowded calendar. Revised GDP in Britain and Durable Goods Orders in the US stand out. Let’s see what’s up for today: Arabic version of this post Australia starts the day with the amount of construction work. Construction Work Done is predicted to rise by 0.1% in Q3, after a [...]

Australian Dollar Outlook – November 23-27

Looking for the latest outlook, for the current week? Check out the section: AUD/USD Forecast The Aussie took a blow, with the greenback taking it out of range in the past week. The Aussie, backed by a strong economy and high interest rates, should fight back. Here’s an outlook for the upcoming events that will [...]

Forex Daily Outlook – August 26th 2009

Today, American figures dominate the scene, with Durable Goods Orders and New Home Sales. Also not the German Ifo Business Climate among other figures. Let’s see what’s expecting us today: Australian Construction Work Done starts the day. After falling by 3.7% last time, it’s predicted to drop again, this quarter by 2.7%. For more on the Aussie, [...]

AUD/USD Outlook – August 24-28 2009

The Australian dollar began the week with a false break downwards, and then got back to trading in a narrow range. Here’s an outlook for 4 important Australian releases this week, and a technical analysis for AUD/USD. AUD/USD forex chart with support and resistance lines inside: Last week’s mixed messages from the RBA’s Monetary Policy Meeting [...]

Forex Weekly Outlook – August 24-28 2009

The last week of August brings revised GDP figures in the US and Britain, Durable Goods Orders and more important releases. What will be the dollar’s direction this week? Here’s the weekly outlook. The US dollar made some late gains on Friday afternoon. The Jackson Hole conference going on during the weekend, with the positive feeling [...]

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