Forex Daily Outlook – August 17 2010
A very busy day filled with interesting news. Building Permits in US, German ZEW Economic Sentiment in Europe, RBA Gov Stevens Speaks in Australia and more. Let’s see what awaits us today.
In the US, Building Permits the Annualized number of new residential building permits issued during the previous month; stabilizes on 5.8%, released monthly, and it’s an excellent gauge of future construction activity because obtaining a permit is among the first steps in constructing a new building.
Later in the US, Producer Price Index (PPI), a leading indicator of consumer and measures the change in the price of finished goods and services sold by producers, is about to rise by 7%. While the Core PPI that measures the price of finished goods and services, excluding food and energy; is about to rise by 1% and me
More in the US, Building Permits stabilized on 5.8M. An excellent gauge of future construction activity that measures the annualized number of new residential building permits issued during the previous month.
More in the US, Industrial Production, the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities, is about to rise by 4% and have impact on the business cycle and is correlated with consumer conditions such as employment levels and earnings.
More in the US, Capacity Utilization Rate a It’s a leading indicator of consumer inflation – when producers are nearing full capacity they respond by raising prices, and the higher costs are usually passed on to the consumer; is about to rise by 0.5%.
Finally in the US, Treasury Secretary Timothy Geithner speaks at the conference on the Future of Housing Finance, in Washington DC; his speeches are often used to communicate the US President’s economic policies and signal policy shifts to the public and to foreign governments;
In Canada, Foreign Securities Purchases, Total value of domestic stocks, bonds, and money-market assets purchased by foreigners during the reported month is decreases by 12.84B. Demand for domestic securities and currency demand are directly linked because foreigners must buy the domestic currency to purchase the nation’s securities
More in Canada, Manufacturing Sales, the total value of sales made by manufacturers; decreases by 8% and changes in manufacturers sales can be an early signal of future activity such as spending, hiring, and investment;
For more on USD/CAD, read the Canadian dollar forecast.
Also in Europe, German Zentrum fur Europaische Wirtschaftsforschung (ZEW) Economic Sentiment, decreases by 0.3 points. Survey of about 350 German institutional investors and analysts which asks respondents to rate the relative 6-month economic outlook for Germany, a leading indicator of economic health and an early signal of future economic activity, while the ZEW Economic Sentiment that measures the diffusion index based on surveyed German institutional investors and analysts; indicates optimism of 10.6 points.
For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.
In Great Britain, Consumer Price Index (CPI), the price of goods and services purchased by consumers decreases by 0.1% and lead the central bank to raise interest rates out of respect for their inflation containment mandate. The Core CPI (excluding the volatile food, energy, alcohol, and tobacco items) has a mild impact relative to other countries, and also decreases by 0.1%.
Read more about the Pound in the GBP/USD forecast.
In Australia, Reserve Bank of Australia (RBA) Governor Glenn Stevens speaks about the role of finance at the 2010 Shann Memorial Lecture – Octagon Theater, in Crawley; and influence the nation’s currency value
More in Australia, Monetary Policy Meeting Minutes, that is released 11 times per year, 2 weeks after the Cash Rate is announced; It’s a detailed record of the Reserve Bank of Australia (RBA); Board’s most recent meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates.
For more on the Aussie, read the AUD/USD forecast.
That’s it for today. Happy forex trading!
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