Forex Daily Outlook – July 22nd 2009
Daily Look

Forex Daily Outlook – July 22nd 2009

Ben Bernanke will give the second part of his testament today. Elsewhere, Australian CPI, British  Meeting Minutes and Canadian Retail Sales will set the tone for today. Let’s see what’s up:

Australian CPI provides a strong start for the day. After rising by 0.1% last quarter, prices are expected to rise faster – by 0.5%.

Aussie traders will also check out the  Trimmed Mean CPI, which is predicted to rise by 0.7%. This will be followed by a speech by  RBA Assistant Governor  Dr. Guy Debelle.

In Britain,  MPC Meeting Minutes will reveal the discussions that led to the recent decision to keep interest rates unchanged. It will also provide a look on the British economy. Later in Britain,  CBI Industrial Order Expectations are expected to improve marginally, from -51 to -46.

For more on GBP/USD, read the British Pound Outlook.

In Canada, Retail Sales are predicted to rise by 0.5% after dropping last month. Also the Core Retail Sales figure is predicted to be positive and rise by 0.4%. This major release will shake the loonie.

For more on USD/CAD, check out the Canadian Dollar Outlook.

It’s the second day of Ben Bernanke’s testament in front of the  Senate Banking Committee, in Washington DC. Will he say something different today?

Just before the day ends, Japanese Trade Balance is published. The surplus is expected to rise to 0.5 trillion Yen.

That’s it. 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.