Forex Daily Outlook January 22, 2010

Another strong day for the dollar as risk appetite continued to weigh on the markets. Data out of the US came in worse than expected, unemployment claims were higher and the Philly Fed Manufacturing Index was lower. Not a lot of data out on the final trading day of the week, except for Retails Sales from the UK and Canada (well cover that in the video), so we are going to expect consolidation across most of the majors, and will hope to see some retracement so we can look to establish some fresh positions. Next week is going to be very important as there is a lot of data to go over including US Fed Funds Rate and FOMC statement on Wednesday along with the Advanced GDP reading on Friday to close out the month of January.

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