Forex: Daily outlook: Canadian May core retail sales set to rise

on Jul 23, 2013
Listen Tuesday July 23rd_:

Eurostat is scheduled to release the June consumer confidence report at 15.00 BST today. The prior release showed a rise to -19 points from -22. Analysts are expecting this time to see another increase, to -18.
The US July Redbook Index is due out at 13.55 BST in two versions –month-on-month and year-on-year. In the prior period the former showed growth of 0.8 percent, while the latter rose by three percent.

The Office of Federal Reserve Housing Enterprise Oversight is to release the US Housing Price Index m/m data for May at 15.00 BST. The forecast is for a rise by 0.8 percent, as against the prior 0.7 percent increase.
The Richmond Manufacturing Index is to be issued by the US Fed at 15.00 BST, with an expected fall to seven points for this month from the prior eight points.

At 09.30 BST the British Bankers’ Association will announce June mortgage approvals, which are forecast to be 38,500, as against May’s 36,100.
There are no further UK economic releases scheduled for today. Tomorrow will see the CBI industrial order expectations for July.
Yesterday the pair gained 0.78 percent, reaching a 21-day high. So far though, there has been little impression on sterling from the birth last evening of the third-in-line heir to the British throne.

At press time the pair is changing hands at 1.5362.
The NIKKEI 225 Index closed today at 14,778.51, some 0.82 percent up. The MSCI Asia Pacific Index rose 0.2 percent to 136.33, a record high.
The next economic releases from Japan are due out tomorrow at 00.50 BST – the June trade balance, imports and exports.
Currently the pair is trading at 99.55.

There are no Australian fundamentals today. Tomorrow at 02.30 BST the Australian Bureau of Statistics will release Australia’s Q2 CPI (a rise by 0.5 percent forecasted) and the Reserve Bank of Australia will announce the Q2 trimmed mean CPI (excluding the most volatile 30% of items), which is also expected to show an increase by 0.5 percent.
The AUD/USD is residing at 0.9258, press time.
Statistics Canada is scheduled to release two reports at 13.30 BST today. Core retail sales (excluding automobiles) for May m/m are expected to rise by 0.1 percent, as against the prior period’s 0.3 percent decline. Retail sales m/m is expected to show an increase by 0.4 percent in May, compared to the previous 0.1 percent rise.
Currently the quote is dealing at 1.0331.
Swiss National Bank Governor Thomas Jordan stated at the G20 meetings in Moscow on 20 July that the EUR-CHF cap at 1.2000 would be kept unchanged as long as necessary.
The economic calendar is devoid of Swiss releases of any significance till next week.
Yesterday the pair fell to 0.9320, extending a 22-day low.
At the moment the price is trading at 0.9362, right at the 200-day simple moving average.