Forex Daily Outlook – February 16 2011

Building Permits in the US and BOE Gov King Speaks in London; are only a few of today’s outlook .Let’s see what awaits us today.

In the US, FOMC Meeting Minutes, Scheduled 8 times per year and it’s a detailed record of the FOMC’s most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates.

Later in the US, Building Permits, It’s an excellent gauge of future construction activity that Measures Annualized number of new residential building permits issued during the previous month; due to be 0.57M.

Later on in the US, Producer Price Index (PPI), It’s a leading indicator of consumer inflation that measures the goods and services sold by producers, is about to reduce by 0.2%, while the Core PPI(excluding food and energy) is due to remain 0.2%.

More in the US, Housing Starts, It’s a leading indicator of economic health that measures the new residential buildings that began construction during the previous month; is due to be 0.55M.

Moreover in the US, Capacity Utilization Rate, Percentage of available resources being utilized by manufacturers, mines, and utilities; is about to rise by 0.4%. when producers are nearing full capacity they respond by raising prices, and the higher costs are usually passed on to the consumer.

Also in the US, Industrial Production, total inflation-adjusted value of output produced by manufacturers, mines, and utilities, is due to reduce by 0.3%.

Finally in the US, Crude Oil Inventories, It influences the price of petroleum products which affects inflation and measures the crude oil held in inventory by commercial firms during the past week; is about to reduce by 0.1%.

In Canada, Foreign Securities Purchases, Total value of domestic stocks, bonds, and money-market assets purchased by foreigners during the reported month; is about to reduce by 0.89B. Demand for domestic securities and currency demand are directly linked.

More in Canada, Leading Index that measures the total value of sales made by manufacturers is about to rise by 0.2%.

Finally in Canada, Manufacturing Sales, total value of sales made by manufacturers is due to rise by 3.1%.

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

In Great Britain, Bank of England (BOE) Governor Mervyn King, due to hold a press conference, along with other MPC members, about the Inflation Report, in London.

More in Great Britain, Bank of England (BOE) Inflation Report, It provides valuable insight into the bank’s view of economic conditions and inflation – the key factors that will shape the future of monetary policy and influence their interest rate decisions.

Later in Great Britain, Claimant Count Change, number of people claiming unemployment-related benefits during the previous month; is about to rise by 0.9K.

Finally in Britain, Average Earnings Index, the price businesses and the government pay for labor, including bonuses is due to reduce by 0.1%.

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

In Australia, Reserve Bank of Australia (RBA)  Assistant Governor (Financial System) Dr. Philip Lowe due to speak at the Committee for Economic Development of Australia, in Sydney.

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

In Japan, Bank of Japan (BOJ) Monthly Report, It contains the statistical data that the BOJ Policy Board members evaluated when making the latest interest rate decision, and provides detailed analysis of current and future economic conditions from the bank’s viewpoint.

That’s it for today. Happy forex trading!