Forex Daily Outlook – June 22 2010

US Existing Home Sales on the rise, US Treasury Secretary Timothy Geithner testifies before the Congressional Oversight Panel in Washington DC, and US House Price Index are the major events of the day. Let’s review the today’s activities.

In the US, Existing Home Sales expected an increase of 400,000 above 5.77 M in May. This continuous rise is an excellent indicator for economic growth.

Later in the US, US Treasury Secretary Timothy Geithner testifies on the Troubled Asset Relief Program before the Congressional Oversight Panel, in Washington DC. His speeches often reflect the US President’s economic policies, signaling policy shifts to the public and to foreign governments.

Finally in the US, House Price Index anticipated a drop of 0.1% following May’s rise, reaching 0.2% and Richmond Manufacturing Index is also foreseen to decrease of 5 points subsequent a previous drop reaching 21 points.

In Canada, Core CPI remains unchanged at 0.3% indicating stability in the market while CPI which includes Volatile items  anticipated a drop of 0.2%.

Finally in Canada, BOC Deputy Governor Timothy Lane speaks at the CFA Society, in Winnipeg volatility in key interest rates is expected.

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

In Europe, German Ifo Business Climate is anticipated a slight decrease of 0.3 points reaching 101.2 nevertheless, reflecting an optimistic view of the German market. The firms are considerably more satisfied with their current business situation.

More in Europe, Current Account surplus is expected a reduction of 0.6B since the previous month attaining 1.1B.

Finally in Europe, Consumer Confidence continues to drop reaching -19 points indicating a growing pessimism in the market.

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

In Great Britain, Annual Budget Release is released outlining the government’s budget for the year, including expected spending and income levels, borrowing levels, financial objectives, and planned investments. An increased spending will indicate market growth.

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

In Switzerland, Trade Balance is likely to decrease by 500,000K following recent increases.

In New Zealand, Current Account Deficit is in for a great improvement expecting a drop of 3.27B from -3.57B to -0.30B which is excellent news for New Zealand and Credit Card Spending is expected to remain around 1.9%.

That’s it for today. Happy forex trading!

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