Forex Daily Analysis – June 23rd 2008

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Starting a new week, we can see that the economic calendar is full with events. The Federal Reserve’s interest rate decision is the highlight of this week. It will happen on Wednesday, 18:15 GMT.

The American interest rate is widely expected to be left untouched, but Ben Bernanke’s statement might shake the markets, which expect a rate hike in September.

Other interesting data from the US: Orders data, data from the real estate market and expenditure data which will help understand the threat of inflation.

In Europe, the German IFO dropped to 101.3, lower than the 102.3 figure that was expected. Indicators showed lower economic activity in Europe. Lower growth might stall the efforts to fight inflation. This sent the Euro about 100 pips lower, to about 1.55 EUR/USD.

Britain and New Zealand will publish the GNP later on today.

Have a great week!

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About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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