Forex Daily Outlook – August 21st 2009

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The day begins slowly with European figures, but ends with a speech by Ben Bernanke. Let’s see what’s up for the last day of the week:

European PMI figures pour in throughout the morning. France begins with Flash Manufacturing PMI and Flash Services PMI at 7:00 GMT. Half an hour later, the exact figures from Germany are released, and half an hour after that, the all-European data is due.

All the PMI figures are expected to be better than last month, but to be shy of the 50 point mark signaling expansion. For more on the Euro, read the EUR/USD Outlook.

At 14:00 GMT, Existing Home Sales are predicted to pass the 5 million mark, and stand on 5.03 million. This is an important figure, and comes quite close to the market’s close.

At the same time, Ben Bernanke will deliver a speech called “Reflections on a Year of Crisis”. This will also impact the forex market.

That’s it for this week. Happy forex trading!

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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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