Forex Daily Outlook – September 22 2010

U.S. crude oil inventories, Canada’s retail sales data, Bank of England MPC Meeting Minutes and New Zealand GDP are the main market mover events on our menu today. Here is an outlook on all the coming events.

In the US, Crude Oil Inventories released weekly decreased by 2.5M last week an increase is expected after a pipeline which had been closed for repairs all week is re-opened in the US Midwest.

Later in the US, House Price Index a leading indicator of the housing industry’s health   released monthly is expected a smaller drop of 0.1% compared to 0.3% in the previous month.

In Canada, Core Retail Sales  a major gauge of spending trends released monthly predicted to recover following three months of drops forecasted to rise by 0.5% and Retail sales are also predicted to climb 0.4% following 0.1% in June.

More in Canada, Leading Index a Combined reading of 10 economic indicators released monthly predicted 0.6% increase 0.2% better than in the previous month leaves room for optimism in the Canadian market.

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

In Europe, Industrial New Orders  a leading indicator of production in the Euro-Zone expected to decrease by 1.2% following a better than expected rise of 2.5% in June.

Also in  Europe, Consumer Confidence released monthly continues its’ steady improvement forecasted to reach -10 points following -11 in the previous month.

Finally in Europe, Belgium NBB Business Climate a leading indicator of economic health released monthly expected to reach -4.9 points following -5.1 points in the previous month getting closer to the 0.0 line.

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

In Great Britain, Bank of England Monetary Policy Committee Meeting Minutes, a detailed record of the BOE MPC’s most recent meeting where 8 members voted to hold rates, provides in-depth insights into the economic conditions that influenced their vote on where to set interest rates, and offering clues on the outcome of future votes.

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

In Australia, MI Leading Index  Combined reading of 9 economic indicators  designed to predict the direction of the economy decreased from 0.3% to 0.0% in the previous month a small rise is expected now.

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

In New Zealand, Gross Domestic Product  the broadest measure of economic activity released quarterly expected 0.5% increase 0.1% lower than in the previous quarter.

In Japan, All Industries Activity  a leading indicator of economic health released monthly forecasted 1.1% increase after only 0.1% in the previous month.

That’s it for today. Happy forex trading!

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