Forecast: How will U.S. building permits data affect EUR/USD?

ForexNewsNow | Published on July 19, 2010 at 5:34 pm

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currency trading online forex global forex housing marketNEW YORK (Forex News Now) – The Census Bureau is set on Tuesday to release a key report on number of new U.S. building projects authorized for construction in June, in one of the day’s spotlight FX news events.

The data is expected to show that the number of permits issued held steady in June from a month earlier at 0.57 million, two global forex news outlets reported.

The bureau is scheduled to release the report at 12:30 P.M., GMT; as such, the data is likely to dominate European afternoon currency trading. However, it may be overshadowed by the Bank of Canada’s heavily anticipated interest rates decision, at 1 P.M. GMT.

Given the current FX info, a decrease in building permits could lift EUR/USD toward resistance around the high of May 10, 1.3094.

Should the data show an increase, however, the currency pair could be pushed down toward support around the low of July 14, 1.2683.



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