Forex Daily Outlook – March 21 2011

We start the week with interesting events such as Existing Home Sales in the US, ECB President Trichet Speaks in Brussels and more. Let’s see what awaits us today.

In the US, Existing Home Sales is about to reduce by 0.31M. It’s a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.

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

In Europe, European Central Bank (ECB) President Jean-Claude Trichet; due to testify on monetary policy before the European Parliament, in Brussels.

Also in  Europe, The Economic and Financial Affairs Council (ECOFIN) Meetings, is the Eurozone’s broadest financial decision making body. The council coordinates economic policies of the 27 member states, and their decisions can have a widespread effect on the Eurozone’s economic health.

For more on the Euro, read the  EUR/USD forecast

In Great Britain, Rightmove House Price Index (HPI); the UK’s earliest report on housing inflation is due to remain 3.1%.   Rising house prices attract investors and spur industry activity

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

In New Zealand, Credit Card Spending that Measures the total spending facilitated with a credit card; is about to be 5.5%, and It’s correlated with consumer spending and confidence.

That’s it for today. Happy forex trading!