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Forex Daily Outlook – April 20 2011

Existed home sales in the US and BOE Meeting Minutes are the main events today. Here is an outlook on the market-movers lined up.

In the US, MBA Mortgage Applications weekly index measures home loan demand a leading indicator of home sales dropped 6.7% last week following 2.0% decrease in the week before. Another drop is expected now.

Later in the US, Existing Home Sales existing home sales a major annualized indicator of the economy’s strength decreased to 4.88M in February from 5.40M in the previous month. This was also below 5.15M forecasted. An expansion to 5.00M is likely to occur. On a Monthly base existing home sales dropped 9.6% and are expected to gain 2.5%.

Finally in the US, EIA Crude Oil inventories and indicator of oil demand and rates dropped to 1.927M last week from 2.000M in the previous month. Another decrease is expected now.

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

In Great Britain, Bank of England (BOE) Meeting Minutes releases the the minutes from the last Monetary Policy Committee meeting where interest rate is set. The minutes provide the reasons leading to this decision. In the Previous minutes 3 voted to raise rates against 6 voting to hold rates. The same score is expected to continue.

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

In Australia, WMI Leading Index a compilation of 9 economic indicators intended to forecast future tendencies of the economy gained 0.9% in January as in the previous month. A small decrease of 0.1% is expected now.

More in Australia, Import Price Index measuring changes in the rates of imported products. An indicator of inflation dropped 3.8% in the 4th quarter of 2010 following 1.9% gain in the previous quarter. A gain of 0.6% is expected for the first quarter of 2011. Meantime  Export Price Index decreased by 8.1%   in the 4th quarter of 2010 and is predicted to gain 0.6% in the first quarter of 2011.

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

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