Forex Daily Outlook – June 21 2011

Existing Home Sales in the US and German ZEW Economic Sentiment in Europe are the main events lined up.  Let’s see what awaits us today.

In the US, Existing Home Sales, measuring the number of built houses that were sold on the last month, drooped to 5.05 million on May and a further reduce is expected now to 4.83 million.

In Canada, Retail Sales, report major indicator of consumer spending, about to rise by 0.7% from May. While the Core Retail Sales, without vehicles reduced to -0.1 on May and now about to rise back to 0.5%.

Finally in Canada, Leading Index, measuring the economic activity based on 10 economic meters, o.8% was noted on May and 0.6% is likely to be this month.

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

In Europe, Zentrum für Europäische Wirtschaftsforschung Economic Sentiment, monthly survey to measure consumer economic conditions, further reduction from 13.6 points on May to 9.4 points this month. And we see a similar direction in Germany with further decrease from 3.1 points on May to -1.5% this time.

For more on the Euro, read the  Euro to dollar forecast.                                                              

In Great Britain Public Sector Net Borrowing, measuring the spending and revenue received by the government indicating  UK’s economy condition, is about to further rise from 7.7 billion on May to 16.3 billion this month.

Later on in Great Britain, Richard W. Fisher President and CEO of the Federal Reserve Bank of Dallas is about to deliver a speech in London

Finally in Great Britain, Confederation of British Industry (CBI); Industrial Order Expectations, monthly manufacturer’s survey, additional reduce is expected from -2 points in May to -5 points this time.

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

In Switzerland, Philipp Hildebrand, Swiss National Bank (SNB) Governing Board Chairman is due to speech in Zurich

Read more about the Swiss franc in the USD/CHF forecast.

In Australia, Monetary Policy Meeting Minutes releases the minutes from the last RBA Reserve Bank Board’s Monetary Policy Committee meeting where interest rate is set. The minutes provide the reasons leading to this decision.

More in Australia, Melbourne Institute (MI) Leading Index, measuring the economic activity based on 9 economic meters, most likely to stabilize on 0.5%.

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

In New Zealand, Current Account, that measuring the values of current businesses, interest costs, services and goods, is about further reduce from -3.52 billion on May to -3.89 billion this month.

For more about the kiwi, see the NZD/USD forecast.

In Japan, All Industries Activity, measuring the price of goods and services acquired by industries, a rise is expected from -6.3% on the previous month to 1.9%.

Read more about the yen in the USD/JPY forecast.

Trade well