Forex Daily Outlook – July 23 2010
Daily Look

Forex Daily Outlook – July 23 2010

Canada’s Core CPI, Europe’s Bank Stress Test Results and other optimistic forecasts close another trading week. Here is an outlook on today’s economic events.

In Canada, Core CPI  expected 0.1% rise following 3.0% rise in the past two months while CPI is expected a 0.2% dip following 3.0% rise last month.

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

In Europe, Bank Stress Test Results, released today, designed to show that Europe’s banks are able to cope with further economic crisis to strengthen confidence in the sector as it emerges from the financial crisis to face mounting pressure from tighter capital requirements, extra taxes and additional regulation.

More in Europe, German Ifo Business Climate forecasted a slight drop to 101.5 points – 0.3 points weaker than last month ensuring stability for the Euro.

Later in Europe, French Consumer Spending predicted 0.3% rise following 0.7% rise in the previous month. Let’s hope this trend will boost the market. Italian Retail Sales  are also expected a 0.2% rise following a 0.3% drop in the previous month.

Finally in Europe, National Bank of Belgium business Climate index a leading indicator of economic health expected another drop to -7.9 points following -7.7 points in May.

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

In Great Britain, Preliminary GDP: After two quarters of growth another rise of 0.6% is expected now which means good news for the British economy.

More in Great Britain, BBA Mortgage Approvals forecasted 37K rise the highest this year following 36.7K in June. As a leading indicator of housing market demand the figures show a growth trend that certainly gives room for optimism.

Finally in Great Britain, Index of Services measures the change in the total Gross Value Added  of the private and government services sectors; expected 0.7% rise proceeding Last month 0.6% rise.

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

In Australia, Import Prices predicted another rise of 0.1% following 0.3% rise in the previous quarter.

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