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U.S. Building Permits and Housing Starts, Bank of Canada’s Rate Statement and Overnight Rate highlight today’s economic news. Here is an outlook on the market moving events.

In the US, Building Permits and Housing Starts leading indicators of economic health are released simultaneously. The housing sector is critical for the US economy. No rise above 0.57M is expected. Housing starts dropped to 590K last month, and were disappointing for the greenback. A small drop of 10K is predicted.

More in the US, Federal Reserve Governor Daniel Tarullo testifies on Financial Regulation before the Senate Banking committee, in Washington DC.

In Canada, Bank of Canada is expected to raise the rates once again – from 0.50% to 0.75% due to high employment rates.

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

In Europe, German Producer Price Index,  a leading indicator of consumer inflation, expected 0.2% rise following 0.3% increase in May.

For more on the Euro, read the  EUR/USD forecast and Casey Stubbs’  latest analysis.

In Great Britain, Preliminary Mortgage Approvals a leading indicator of housing market demand expected to improve by 2K compared to May reaching 52K.

More in Great Britain, Public Sector Net Borrowing measuring the difference in value between spending and income for public corporations, the central government, and local governments during the previous month, forecasted a 2.8B decrease in deficit.

Later in Great Britain, CBI Industrial Order Expectations index based on a survey of 550 manufacturers rating the relative level of order volume expected during the next 3 months. A further dip to -25 points is expected and Preliminary M4 Money Supply measuring the change in the total quantity of domestic currency in circulation and deposited in banks, positively correlated with interest rates forecasted 0.1% decrease.

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

In Switzerland, Trade balance surplus is predicted to increase following a drop from 2.02B to 0.82B in May.

In Australia, Monetary Policy Meeting Minutes, a detailed record of the Reserve Bank of Australia  board’s most recent meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates.

More in Australia, RBA Governor Glenn Stevens delivers a speech titled “Some Long-Run Effects of the Financial Crisis” at the Anika Foundation Luncheon, in Sydney. His words can determine interest rates and future monetary policy.

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

In New Zealand, data on visitor arrivals is released an increase will be favorable to the country’s economy.

In Japan, Monetary Policy Meeting Minutes 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 may have a strong impact on the market.

That’s it for today. Happy forex trading!

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