Forex Daily Outlook – February 17 2011

Fed Chairman Bernanke Testifies in Washington DC and Philly Fed Manufacturing Index Are some of the interesting events. .Let’s see what awaits us today.

In the US, Federal Reserve Chairman Ben Bernanke; due to testify on the oversight of Dodd-Frank implementation before the Senate Banking Committee, in Washington DC. As head of the central bank, has more influence over the nation’s currency value than any other person.

Later in the US, Unemployment Claims, individuals who filed for unemployment insurance for the first time during the past week; is about to rise by 18K.

Later on in the US, Philly Fed Manufacturing Index, Survey of about 250 manufacturers in the Philadelphia Federal Reserve district to rate the relative level of general business conditions; indicates improving conditions with 20.8 points.

More in the US, Consumer Price Index (CPI) goods and services purchased by consumers; is about to reduce by 0.1%, while the Core CPI (excluding food and energy) is about to rise by 0.1%.Consumer prices account for a majority of overall inflation.

Moreover in the US, Mortgage Delinquencies, it’s generally viewed as a lagging indicator and Measures the Percentage of MBA-represented mortgages which were at least one payment late during the previous quarter Is due to be 9.13%.

Finally in the US, Federal Reserve Bank of Chicago President Charles Evans, due to speak about the economic outlook at the Chamber of Commerce Economic forecast Luncheon, in Rockford. Audience questions expected.

In Canada, Wholesale Sales, leading indicator of consumer spending and about to rise by 0.7%.

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

In Europe, Current Account, Difference in value between imported and exported goods, services, income flows, and unilateral transfers during the previous month is about to rise by 5.1B.

For more on the Euro, read the EUR/USD forecast.

In Great Britain, External Bank of England (BOE), Monetary Policy Committee (MPC); Member Andrew Sentence, due to speak at the Institute of Economic Affairs 28th State of the Economy Conference, in London.

More in Great Britain, Confederation of British Industry (CBI) Industrial Order Expectations, Survey of about 550 manufacturers to rate the relative level of order volume expected during the next 3 months, expectations are for lower volume with -9 points.

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

In Switzerland, ZEW Economic Expectations, Survey of institutional investors and analysts to rate the relative 6-month economic outlook for Switzerland; indicates pessimism with 18.4 points.

In Japan, Monetary Policy Meeting Minutes, It’s a detailed record of the BOJ Policy Board’s meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates.

That’s it for today. Happy forex trading!

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