Tuesday, July 12, 2011

FOREXYARD: Forex News Blog

FOREXYARD: Forex News Blog

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Canadian Housing Market Continues to Expand

Posted: 11 Jul 2011 11:03 AM PDT

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Following last week's article on the Canadian housing sector asking, "Is it Time to Buy a House in Canada?" traders were subjected to yet more data which offers a nudge to answer in the affirmative. Today's report on housing starts by the Canada Mortgage and Housing Corporation (CMHC) revealed far more Canadians are beginning to build homes than was assumed.

Forecasts for this report were in fact anticipating a growth of approximately 182,000 homes, year-on-year, but the results showed that 197,000 homes began construction, beating even last month's release of 194,000 new homes. The CAD is still in decline from larger growth concerns affecting all currencies globally, but capital investments do appear to have become more favorable as the Canadian housing sector sees a significant boost from recent data.

French Industrial Production Surprises with 2% Growth

Posted: 11 Jul 2011 10:53 AM PDT

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The French National Institute of Statistics and Economic Studies (INSEE) released its monthly report on the country's industrial production figures this morning. The data was expected to show modest growth of around half a percent.

The surprise release of 2.0% growth from the French economy was met with furrowed brows, however, as analysts are attempting to find a way to place such optimistic news with the region's dominating sentiment of risk aversion. The EUR has not seen much bullishness as a result of this data, but the figure does give some investors a reason to hold out hope for further growth.

Monday News Leans towards Growth in Risk Appetite; Appeal Unmet

Posted: 11 Jul 2011 10:50 AM PDT

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So far today, forex traders have witnessed several reports from the world's major economies that seem to be leaning in favor of higher risk appetite. That this sentiment has not materialized is not surprising—considering last week's ominous jobs report from the American economy—only worth noting for the day's update.

Australia's housing sector and Japan's household confidence both experienced declines, but the major news from France and Canada pointed to significant growth in industrial production and housing starts, respectively. The currencies from both the euro zone and Canada experienced a decline today, however, in spite of recent news. Forex traders appear to be favoring risk aversion as growth outlook concerns took a hit last week and debt contagion spreading to Italy begins to affect the euro zone.
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