Forex Daily Outlook – January 22nd 2010
Daily Look

Forex Daily Outlook – January 22nd 2010

The dollar is sweeping the board. Today we have no releases from the US, but important events elsewhere, with British and Canadian retail sales standing out. Let’s see what’s closing this volatile week.

Australian Import Prices start the day with an expected fall of 1.7%, following last month’s drop. The Aussie has lost a lot of ground due to China’s tightening this week.

In Britain, Retail Sales will close an eventful week. They are predicted to rise by 1.3% after a drop of 0.3% last month. Despite getting good figures this week, Mervyn King made it clear that no rate hikes will be seen soon, so the Pound is suffering as well.

In Europe, Industrial New Orders are expected to rise by 0.6% after dropping by 2.2% last month. Later in the day, the Belgium NBB Business Climate is predicted to improve, but still remain in the negative zone.

EUR/USD has fallen to a new range, between 1.40 and 1.42. These lines are described in the EUR/USD forecast.

If you’re into EUR/GBP, that fell a lot, you’re welcome to read an interesting analysis on Casey’s site.

Also the Canadian dollar is having an eventful yet  unsuccessful week, with a dovish rate decision on top of everything. The loonie’s week will close with Retail Sales which are predicted to drop by 0.3% after rising last month. Core Retail Sales are expected to continue rising steadily by 0.2%.

For USD/CAD technical lines, read the Canadian dollar forecast.

That’s it for today and this week. 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.