Forex Daily Outlook – December 23rd 2009
Daily Look

Forex Daily Outlook – December 23rd 2009

The eve of Christmas Eve has a few important releases: American New Home Sales, Canadian GDP and more. Some traders are  already  on vacation, but the markets continue to move. Let’s see what’s up for today.

French Consumer Spending start the day with an expected 0.3% rise, less than last month rise. EUR/USD is falling. For more on this currency, read the EUR/USD forecast.

In Britain, a day after the disappointing final GDP release, the MPC Meeting Minutes will be released. They will show if some members suggested expanding the QE program at the last meeting. A consensus is expected. If any member suggested expanding the program, GBP/USD will get another blow.

Also in Britain, BBA Mortgage Approvals are predicted to show a stable number 43.3, only 100 more than last month. For more on the Pound, read the GBP/USD forecast.

Canadian GDP will be of interest to loonie traders. Canada’s monthly GDP release is expected to show another month of modest growth, at 0.3% rather than 0.4% last time.

For more on the loonie, read the Canadian dollar forecast.

In the US, Personal Spending is predicted to show a rise of 0.6%, while personal income is expected to grow by 0.4%. These numbers will help the greenback.  The University of Michigan is expected to to revise its highly regarded Consumer Sentiment survey from 73.4 to 74 points.

The more important event is New Home Sales which are expected to rise from 430 to 442K. Looking at yesterday’s excellent Existing Home Sales, this figure could be better.

Just before the day ends, Japanese BSI Manufacturing Index is predicted to drop to 11.2 points. Also in Japan – Monetary Policy Meeting Minutes will be released but they aren’t expected to bring any major news.

That’s it for today. Happy forex trading!

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Yohay Elam

Yohay Elam

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.