Forex Daily Outlook – May 22nd 2009

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The forex trading week ends with a bang: Japanese rate call, British GDP, Canadian Retail Sales and Ben Bernanke – all in one day. Let’s see what’s up for today:

A new interest is due in Japan, but withough surprises: Overnight Call Rate is expected to stay at 0.1%. So, the focus will move to the accompanying Monetary Policy Statement, and of course the BOJ Press Conference which will be held early in the morning.

In Britian, Revised GDP is predicted to match the Prelim GDP, and show a fall of 1.9% in the first quarter of 2009. This big event will end a week with many indicators for the Pound. Will GBP/USD push forward?

In Canada, Retail Sales are expected to rise by 0.5%, after rising by 0.2% last time. Traders will focus on Core Retail Sales, expected to fall by 0.2%. This will also end the important week for the Canadian dollar.

When most traders are already enjoying the weekend, Federal Reserve Chairman Ben Bernanke will speak. Will we here positive tunes? Or will he also state that the road to recovery is still narrow?

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About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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