Forex Daily Outlook – July 29 2010

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U.S. Unemployment Claims the early indicator of Non-Farm Payrolls is the highlight of today’s news. Let’s see what awaits us today.

In the US, Unemployment Claims rose last week to 464K worse than expected a smaller rise to 457K is expected now. As an early indicator of Non-Farm Payrolls it has a major effect on the U.S. currency.

In the US, Unemployment Claims rose last week to 464K worse than expected a smaller rise to 457K is expected now. As an early indicator of Non-Farm Payrolls it has a major effect on the U.S. currency.

More in the US, Natural Gas Storage expected to reach 31B – 20B less than last week.

In Canada, Raw Materials Price Index a leading indicator of consumer inflation forecasted 1.1% rise following the 7.2% dip in May.

More in Canada, Industrial Product Price Index foreseen 0.3% rise as in the previous month.

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

In Europe, German Unemployment Change  forecasted to continue decreasing by 18K following 21K drop in April.

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

In Great Britain, Nationwide House Price Index a leading indicator of the housing industry’s health expected 0.2% drop following a four month increase.

More in Great Britain, Net Lending to Individuals measuring change in the total value of new credit issued to consumers is predicted to reach 1.3B following impressive rise to 1.5B in May shows an overall improvement in the British market.

Finally in Great Britain, GfK Consumer Confidence index, a leading indicator of consumer spending based on a survey of about 2,000 consumers predicted a 2 point drop to -21 points.

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

In New Zealand, Building Consents predicted a rise following the 9.6% drop in May.

In Japan, Tokyo Core CPI releases CPI data a month ahead of National CPI forecasted 1.2% drop 0.1% stronger than in June indicating a deflation wave in Japan. The National Core CPI shows the same deflation trend with 1.0% drop.

More in Japan, Prelim Industrial Production a leading indicator of economic health expected a 0.2% rise 0.1% better than in the previous month and Household Spending continues  with a 0.7% drop as in the two previous months.
Finally in Japan, Unemployment Rate predicted to remain 5.2% as in the previous month and Manufacturing PMI reached 53.9 points and is expected to remain above 50 points.

That’s it for today. Happy forex trading!

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About Author

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

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