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Forex Daily Outlook March 23 2012

US New Home Sales, Bernank’s speech in Washington DC and Canadian inflation data are the main market-movers closing another Forex trading week. Here is an outlook on the main events awaiting us.

In the US, New Home Sales. The number of new houses sold in January dropped less than predicted reaching 321,000 from324,000 in the previous month.   A rise to 326,000 is predicted this time.

More in the US, Ben Bernanke head of the US Federal Reserve is scheduled to give brief notes at the Federal Reserve Conference on Central Banking, in Washington DC. His words have strong impact on the market.

Later in the US, Dennis Lockhart President of the Federal Reserve Bank of Atlanta will speak in Washington DC. Information on interest rates and future monetary policy could be revealed.

In Canada, Consumer price index rose better than predicted in January with a 0.4% gain after dropping 0.6% in December while Core prices added 0.2% following 0.5% decline in December CPI is expected to rise by 0.4% while Core CPI is anticipated a 0.3% gain.

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

In Europe, Italian Retail Sales plunged 1.1% in December more than the 0.2% decline predicted by analysts and following 0.7% drop in November. A small rise of 0.2% is anticipated.

For more on the Euro, read the  Euro to dollar forecast.

In Great Britain, Nationwide Consumer Confidence ticked up in January to 47 from38 in December revealing a major improvement in British consumer sentiment. A further rise to 49 is expected now.

More in Great Britain, BBA Mortgage Approvals representing more than 60% of UK mortgages show a better than expected rise of 38,100 mortgages in January compared to36,600 in December indicating improvement in the housing market. This time, a further rise of 39,100 is predicted.

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

In Switzerland, Swiss National Bank Quarterly Bulletin is to be released.

Read more about the Swiss franc in the USD/CHF 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