Home Forex Daily Outlook – March 23 2011
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Forex Daily Outlook – March 23 2011

Fed Chairman Bernanke Speaks in San Diego, MPC Meeting Minutes  In the UK and much more. Let’s see what awaits us today.

In the US, Federal Reserve Chairman Ben Bernanke, due to deliver a speech titled “Community Banking in a Period of Recovery and Change” at the Independent Community Bankers of America National Convention and Techworld, in San Diego. Audience questions expected.

Later in the US, New Home Sales, new single-family homes that were sold during the previous month is about to rise by 7K. Leading indicator of economic health because the sale of a new home triggers a wide-reaching ripple effect.

More in the US, Federal Reserve Bank of Dallas President Richard Fisher, due to speak on challenges and opportunities for the US and global economies at the American Academy, in Berlin. Audience questions expected.

Finally in the US, Crude Oil Inventories, held in inventory by commercial firms during the past week is about to rise by 0.3M.

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

In Europe, Industrial New Orders, new purchase orders placed with manufacturers; is about to reduce by 1.2%. Rising purchase orders signal that manufacturers will increase activity as they work to fill the orders;

Also in  Europe, Belgium National Bank of Belgium (NBB) Business Climate, Survey of about 6,000 businesses to rate the relative level of current business conditions and expectations for the next 6 months. indicates improving conditions with 5.1 points.

Finally in Europe, Consumer Confidence, Survey of about 2,300 consumers in Eurozone countries to rate the relative level of past and future economic conditions, indicates pessimism with -11 points.

For more on the Euro, read the  EUR/USD forecast

In Great Britain, Annual Budget Release, Domestic government spending and borrowing levels can have a significant impact on the economy – increased spending generates work for contractors and creates jobs, while borrowing levels impact the nations credit rating and provide insight into the nation’s underlying fiscal position.

More in Great Britain, 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.

Finally in Britain, BBA Mortgage Approvals, new mortgages approved for home purchase by BBA-represented banks during the previous month is about to rise by 0.5K.

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

In New Zealand, Gross Domestic Product (GDP) is about to rise by 3%. It’s the broadest measure of economic activity and the primary gauge of the economy’s health;

That’s it for today. Happy forex trading!

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