Forex Daily Outlook July 10 2012

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Canadian Housing Starts, Euro-zone ECOFIN Meetings and Manufacturing Production in the UK are the main market-movers today. Here is an outlook on the main events ahead.

In the US, IBD/TIPP Economic Optimism is a consumer confidence index dropped unexpectedly to46.7 in June compared to48.5 inMay. A small rise to 46.9 is predicted now.

In Canada, Housing Starts dropped more than expected in May with a seasonally adjusted annualized rate of 211,400 units after a 243,800-unit pace in April. A further decline to 203,000 is anticipated now.

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

In on in Europe, French Industrial Production French industrial output increased well above expectations in April climbing 1.5% while expected a mere 0.1% gain after a 1.0% decline in March. A drop of 0.9% is forecasted this time.

Later in Europe, Italian Industrial Production plunged 1.9% in April more than the 0.4% decline predicted by analysts, following 0.6% gain in March. A further drop of 0.3% is expected this time.

Finally in Europe, ECOFIN Meetings will tale place in Brussels where Finance Ministers from EU member states will discuss financial issues.

For more on the Euro, read the Euro to dollar forecast.

In Great Britain, Manufacturing Production dropped unexpectedly by 0.7% while expected a flat reading, following 0.9% gain in the previous month. A rise of 0.1% is predicted now.

More in Great Britain, Trade Balance The UK increased its trade balance deficit to 10.1 billion in April instead of narrowing it to 8.5 billion as predicted, following 8.7 billion deficit in March. Deficit is expected to contract to 9.0 billion.

Further in the UK NIESR GDP Estimate. National Institute of Economic and Social Research estimated GDP growth at 0.1% for the three months ending in May, after 0.1% contraction in the previous quarter.

Finally in the UK, Industrial Production  posted  a flat reading in April despite predictions for a 0.2% gain, following 0.3% decline in March. A drop of 0.1% is expected now.

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

In Australia, NAB Business Confidence, dropped in May reaching -2 from4 in April.

More in Australia,  Philip Lowe Deputy Governor of the RBA will speak in Melbourne.

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

In Japan, Tertiary Industry Activity, Service sector in Japan contracted unexpectedly by 0.3% in April while predicted to increase by 0.4%, following 0.6% decline in the previous month. A growth of 0.2% is anticipated.

More in Japan, Corporate Goods Price Index declined 0.5% in May more than the 0.3% drop predicted, following 0.35 decline in the previous month. A further drop of 0.9% is anticipated.

Finally in Japan, Household Confidence, increase more than anticipated in May climbing to 40.7 from40.0 in the previous month the rise was above the 39.9 score predicted by analysts.

Read more about the yen in the USD/JPY forecast.

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About Author

Anat Dror – Senior Writer

I conceptualize, design and create multi-lingual websites. Apart from the technical work, my projects usually consist of writing content for these sites in English, French and Hebrew.

In the past, I have built, managed and marketed an e-learning center for language studies, including moderating a live community of students.

I’ve also worked as a community organizer

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