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Forex Daily Outlook – August 5 2010

U.S. Unemployment Claims, Building Permits in Canada and the European Central Bank Interest Rate Announcement make the headlines. Here is an outlook on today’s market moving events.

In the US, Unemployment Claims predicted to decrease by 1000 compared to previous week reaching 456K.

More in the US, Natural Gas Storage has increased by 28B last week and is likely to continue with a similar rise.

In Canada, Building Permits forecasted 0.6% rise after an unexpected dip of 10.8% in May.

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

In Europe, European Central Bank Interest Rate Announcement may not yet be in a position to start raising rates despite of the positive outcome of the European banks stress tests, which for the time being have managed to calm investors’ fears of contagion from the sovereign debt crisis in the Euro-zone.

More in Europe, German Factory Orders are expected to rise by 1.5% following the unpredicted decrease of 0.5% in May.

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

In Great Britain, Bank of England Interest Rate Announcement is not expected to make any changes to their current record low interest rate of 0.5%.
More in Great Britain, Asset Purchase Facility, measuring the total value of money the BOE will create and use to purchase assets in the open market is predicted to remain 200B.

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

In Australia, AIG Construction Index based on a survey of about 120 construction companies reached 46.4 points and went below the 50 point line will hopefully rise again this month.

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

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