Forex Daily Outlook – November 17 2010

Building Permits, Core CPI in the US & Claimant Count Change in the UK are only a few of the important events on today’s hectic outlook. .Let’s see what awaits us today.

In the US, Consumer Price Index (CPI), price of goods and services purchased by consumers is about to rise by 0.2% & the Core CPI (excluding food and energy) is about to rise by 0.1%.  Account for a majority of overall inflation.

Later in the US, Building Permits, new residential building permits issued during the previous month is about to rise to 0.57 M. Excellent gauge of future construction activity since obtaining a permit is among the first steps in constructing a new building.

More in the US, Federal Reserve Bank of Boston President Eric Rosengren, due to speak at the Chamber of Commerce breakfast, in Providence, and can affects the future monetary policy.

Moreover in the US, Federal Reserve Bank of St Louis President James Bullard, due to speak at the “Past, Present and Future of the Government Sponsored Enterprises (GSE’s) event hosted by the Federal Reserve Bank, in St Louis, and can affects the future monetary policy.

Later in the US, Housing Starts, new residential buildings that began construction during the previous month is about to reduce to 0.59 M, building construction produces a wide-reaching ripple effect.

Finally in the US, Crude Oil Inventories Crude Oil Inventories, barrels of crude oil held in inventory by commercial firms during the past week is about to rise by 3M. Affects inflation and also impacts growth as many industries rely on oil to produce goods.

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

In Great Britain, Claimant Count Change, number of people claiming unemployment-related benefits during the previous month is about to reduce by 0.2K. Important signal of overall economic health since consumer spending is highly correlated with labor-market conditions.

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 Great Britain, Average Earnings Index, price businesses and the government pay for labor, including bonuses is about to rise by 0.4%. Consumer inflation Indicator, businesses pay more for labor the higher costs are usually passed on to the consumer.

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

In Australia, Wage Price Index, price businesses and the government pay for labor excluding bonuses is about to reduce by 0.3%. Consumer inflation indicator, when businesses pay more for labor the higher costs are usually passed on to the consumer.

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

That’s it for today. Happy forex trading!

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.