Forex Daily Outlook – February 23 2011

Existing Home Sales in the US & MPC Meeting Minutes in the UK are only some of the today’s highlights. .Let’s see what awaits us today.

In the US, Existing Home Sales, number of residential buildings that were sold during the previous month excluding new construction is about to rise by 0.05M. Sale of a home triggers a wide-reaching ripple effect.

Later in the US, Federal Reserve Bank of Philadelphia President Charles Plosser; due to speak about the economic outlook at the Rotary Club, in Birmingham. Audience questions expected.

In Canada, Corporate Profits, total value of profits earned by corporations is about to remain -0.3%. It’s a leading indicator of economic health – businesses are quickly affected by market conditions, and changes in their earnings can be an early signal of future economic activity.

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

In Europe, Industrial New Orders, total value of new purchase orders placed with manufacturers; is about to reduce by 2.9 points. Rising purchase orders signal that manufacturers will increase activity as they work to fill the orders.

Also in  Europe, German Final Gross Domestic Product (GDP), all goods and services produced by the economy is due to remain 0.4%.

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

In Great Britain, 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, is due to change to the 3 (voted to increase) 0 (voted for reduction) & 6 (voted to hold rates).

More in Great Britain, BBA Mortgage Approvals, new mortgages approved for home purchase by BBA-represented banks during the previous month; is about to rise by 0.3K.

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

In Switzerland, Producer Price Index (PPI), price of goods and raw materials purchased by manufacturers is about to reduce by 0.2%.

In Australia, Private Capital Expenditure, value of new capital expenditures made by private businesses; is due to reduce by 4%. Can be an early signal of future economic activity such as hiring, spending and earnings.

more in Australia, CB Leading Index, level of a composite index based on 7 economic indicators; is due to remain 0.3%.

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

That’s it for today. Happy forex trading!