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Very interesting news and updates coming up today. New Home Sales in the US, Corporate Profits in Canada, Construction Work Done in Australia. Let’s see what awaits us today.

In the Us, New Home Sales, an important gauge of housing market conditions measuring the number of newly constructed homes with a committed sale during the previous month, The U.S. new home sales are forecasted to rise a bit to 340 K in July from 330 K, but considering the weak housing starts figures, this report could have the potential to disappoint.

Later in the US, Durable Goods Orders, a leading indicator of economic activity measuring durable goods orders placed with domestic manufacturers. With the US industrial production rising more that the estimates and the manufacturing sector leading the recovery, the orders for durable goods could confirm the trend with an increase of 3.0% m/m in July from the 1.2% drop in June.

More in the US, Crude Oil Inventories, the number of barrels of crude oil held in inventory by commercial firms during the past week; decreased by 7M and It influences the price of petroleum products which affects inflation, but also impacts growth as many industries rely on oil to produce goods;

Finally in the US, HPI House Price Index (HPI), the purchase price of homes with mortgages backed by Fannie Mae and Freddie Mac, decreased by 4%, a leading indicator of the housing industry’s health, rising house prices attract investors and spur industry activity.

In Canada, Corporate Profits, the total value of profits earned by corporations stabilized on 4.8% and it’s a leading indicator, businesses are quickly affected by market conditions, and changes in their earnings can be an early signal of future economic activity.

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

In Europe, Germany IFO Institute Business Climate and Expectations Index, a leading indicator of economic conditions and business expectations in the Euro-zone’s largest economy, The ZEW institute survey, which is a leading indicator of the German IFO, registered a larger-than-expected decline and it would not be surprising the see the same outcome for this report as the IFO index is expected to pull back to 105.5 from 106.2.

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

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

In Australia, Construction Work Done, the total inflation-adjusted value of construction projects completed increased by 1.1% and it’s an important gauge of the construction industry, which has a sizable impact on overall employment and spending

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

That’s it for today. Happy forex trading!

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