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Forex Daily Outlook – July 27th 2009

American New Home Sales are the major release for the first day of forex trading this week, which isn’t too crowded with indicators. Let’s see what’s on the menu:

Ben Bernanke will be interviewed at the wake of the new forex trading week. The interview will be aired on PBS in the following days, but headlines could leak and move the forex market when no indicators are out there.

GfK German Consumer Climate starts the list of indicators. It’s expected to stay stable at 2.9. Later in Europe,  M3 Money Supply is expected to rise by 3.7%, like last month. Surprises in these publications could move the EUR/USD.

American New Home Sales are predicted to continue the positive trend of American housing. They’re expected to rise from 342K to 354K.

In New Zealand, Trade Balance is predicted to show a squeeze in the nation’s surplus, from 858 to 214 million.

That’s it. There are bigger news later on this week. Check out the Forex Weekly Outlook for more.

I’ll be closely watching the USD/CAD, which is sitting on a critical support line. For more on the loonie, read the Canadian Dollar Outlook.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.