Forex Daily Outlook – July 22 2010
Daily Look

Forex Daily Outlook – July 22 2010

U.S. Unemployment Claims and Existing Home Sales release followed by Chairman Ben Bernanke’s testimony before the Senate Banking Committee in Washington and Europe’s Industrial New Orders make the headlines. Here is a glimpse on today’s market moving events.

In the US, US Unemployment Claims, a weekly major indicator of economic health, and an early indicator for the Non-Farm Payrolls, expected to rise back to 453K following the previous dip to 429K.

More in the US, American Existing Home Sales is another leading indicator of economic health expected to continue decreasing from 5.66 to 5.15 million following last month’s dip.

Finally in the US, Federal Reserve Chairman Ben Bernanke continues his testimony before the Senate Banking Committee in Washington.

In Canada, BOC Monetary Policy Report is released providing valuable insight into the bank’s view of economic conditions and inflation followed by a Press Conference where valuable information could be revealed.

More in Canada, Core Retail Sales forecasted 0.5% rise following the 1.2% drop in the previous month indicating improvement in market activity. Retail Sales including Automobile sales are expected the same 0.5% rise following 2.0% decrease in the previous month.

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

In Europe, European Industrial New Orders an extensive release for the whole region, a small drop of 0.1% is expected following a three month rise.

More in Europe, French Flash Manufacturing PMI continues the positive growth trend despite a small drop to 54.1 points foreseen now and the French Flash Services PMI is expected to reach 60.0 points very close to last month 60.8 points. German Flash Manufacturing PMI also expected a modest drop from 58.4 to 58.0 points and German Flash Services PMI forecasted to reach 54.6 points following 54.8 in June, nevertheless, these figures still point to economic expansion.

Finally in Europe, the continent’s Flash Manufacturing PMI expected to reach 55.2 points – 0.4 less than in June and Flash Services PMI forecasted 55.0 points 0.5 points weaker than in June.

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

In Great Britain, Retail Sales expected another 0.5% rise following the 0.6% rise in the previous month, certainly encouraging news for the British market.

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

In Australia, National Australia Bank Quarterly Business Confidence, a leading indicator of economic health,  has been rising in the past three months and is expected to do so again.

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

That’s it for today. Happy forex trading!

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Anat Dror

Anat Dror

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