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Forex Daily Outlook – October 19th 2009

After some initial dollar strength in the Asian session, the dollar is falling again. A speech by Ben Bernanke is the highlight of today’s thin calendar. Let’s see what’s up for today.

EUR/USD is currently on the run to 1.50, despite a bad start in the Asian session. Indicators in Europe begin only tomorrow. For more, check out the EUR/USD Forecast.

In Britain,Rightmove HPI rose very nicely by 2.8% showing that British house prices are recovering. This didn’t help the British Pound. GBP/USD fell to 1.6260. For more, read the GBP/USD Forecast.

Japan’s Monetary Policy Meeting Minutes is quite cautious, talking about slow recovery and less risk. Japanese Tertiary Industry Activity rose by 0.3%, more than 0.1% that was expected. USD/JPY is now at 90.67.

Speaking of the Pound and the Yen, Casey Stubbs discusses a strong sell signal on GBP/JPY that could lead to 1000 pips of profit. In the meantime, his plan his on the right track, with GBP/JPY falling to 147.30 at the time of writing.

In a speech in Santa Barbara, Federal Reserve Chief Ben Bernanke didn’t refer to interest rates or about the current state of the economy. Hee’ll be speaking again in the afternoon, and this time he’ll encounter questions from the audience. This might trigger interesting statements.

In Australia, RBA Assistant Governor Philip Lowe said that the current economic situation in Asia is good for the Australian economy, which is “well placed”. AUD/USD is now back above 0.92. For more on the Aussie, read the AUD/USD Forecast.

Later in Canada, Foreign Securities Purchases are expected to rise 2.97 billion showing more money flow to Canada, on its slow road to recovery. For more on the Canadian dollar, read the USD/CAD Forecast.

That’s it for a thin day today. For the rest of week’s major events, read the Forex Weekly Forecast.

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.