Forex Daily Outlook – July 21st 2009
Daily Look

Forex Daily Outlook – July 21st 2009

The dollar began the week with a small drop. It’s direction will be dominated today by the first part of Ben Bernanke’s testament. In addition, there’s a rate decision in Canada and other interesting figures. Let’s see what’s on the menu for today.

Australian  Monetary Policy Meeting Minutes start the day. We’ll get to see what’s on the minds of the RBA members, holding the highest rate in the West.

Swiss  Trade Balance surplus is predicted to squeeze to 1.87 billion.

In Britain,  Public Sector Net Borrowing is predicted to fall to 15.7 billion. For more about GBP/USD, read the British Pound Outlook.

In Canada, it’s a big day with a new rate decision. The BOC isn’t expected to change the Overnight Rate. Traders will listen to the tone of the  BOC Rate Statement. Will they express optimism or pessimism?

For more on the loonie, check out the Canadian Dollar Outlook.

The main event is Ben Bernanke’s testament in front of the  House Financial Services Committee. His words about the current economic conditions will shake the greenback across the board.

That’s it for today. Happy forex trading!

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.