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Forex Daily Outlook – July 21 2010

Some interesting and important news In the U.S., Fed chair Ben Bernanke is to testify in Washington and also data on crude oil inventories, In the U.K. MPC Meeting Minutes, Canada will produce important data on wholesale sales and more. Let’s see what awaits us today.

In the US, Federal Reserve Chairman Ben Bernanke; Testifies on the semi-annual monetary policy report before the Senate Banking Committee, in Washington DC, His comments will be closely watched by traders for clues to the future direction of monetary policy.

Later in the US, the weekly report regarding Crude Oil Inventories that measures the change in the number of barrels of crude oil held in inventory by commercial firms shows a rise of 4 Million, it is a US indicator but affects the loonie due to Canada’s sizable energy sector, and affects inflation, but also impacts growth as many industries rely on oil to produce goods.

Meanwhile, in Canada Wholesale Sales an important monthly report and a leading indicator of consumer spending In Canada stabilizes on 0.3% over the last 2 months.

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

In the U.K. the Bank of England is to release the Bank’s Monetary Policy Committee (MPC) Meeting Minutes It’s a detailed record of the BOE MPC’s most recent meeting, providing in-depth insights into the economic conditions that influenced their vote on where to set interest rates, and offering clues on the outcome of future votes.

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

In Australia, Melbourne Institute (MI) Leading Index, this monthly report index is designed to predict the direction of the economy and as indicators of economic growth.

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

In New Zealand, Credit Card Spending, monthly report that measures the Change in total spending facilitated with a credit card and is a leading consumer spending indicator.

Later in New Zealand, Visitor Arrivals, monthly report that tourism plays an important role in the economy – about 10% of the population is employed by the tourism industry, and a sizable portion of the nation’s GDP is indirectly related to tourism.

In Japan, Monetary Policy Meeting Minutes, It’s a detailed record of the BOJ Policy Board’s meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates.

That’s it for today. Happy forex trading!

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Anat Dror

Anat Dror

Anat Dror Senior Writer I conceptualize, design and create multi-lingual websites. Apart from the technical work, my projects usually consist of writing content for these sites in English, French and Hebrew. In the past, I have built, managed and marketed an e-learning center for language studies, including moderating a live community of students. I've also worked as a community organizer