by ForexNewsNow Team on July 19th, 2010

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

NEW 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.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.