by S. Wade Hansen REVIEW: 23 JULY 2008 Without a doubt, the big news of the day all revolves around interest rates. We'll start in the U.K. first because the news there was released first. The news I'm referring to is the release of the Monetary Policy Committee (MPC) Meeting Minutes. The MPC is the group in the U.K. that determines what interest rates are going to be. Well, we found out today that at the last meeting of the MPC, there was actually one of the members who wanted to raise interest rates in the U.K. This bit of news was a ray of hope for all of the British pound (GBP) bulls out there who are looking for an interest rate hike, and the GBP bulls pushed the GBP/USD back up to 2.0000. The other bit of interest-rate news just hit the wires. The Reserve Bank of New Zealand (RBNZ) just announced it is cutting interest rates from 8.25% to 8.00%. Most analysts were expecting to see this cut some time this year, but many were caught off guard with today's announcement. The New Zealand economy has been slowing for some time now, and this rate cut looks like an attempt to spur on the economy. PREVIEW: 24 JULY 2008 Tomorrow is going to be a key day for the Euro (EUR). It has been sliding a bit lately, and there is still an avid debate regarding the state of the European economy vs. inflation. The European Central Bank (ECB) has been fighting inflation by keeping interest rates high, but many have been complaining these high rates have been hurting the economy. Well, we'll get a good glimpse at two economic indicators tomorrow that should give us a good idea if the ECB's interest rate policy has indeed been hurting the economy. Here are the economic announcements you need to keep a close eye on tomorrow: - EUR IFO Business Climate Index - EUR Manufacturing PMI - GBP Retail Sales - USD Existing Home Sales - JPY Consumer Price Index (CPI) Keep profiting with forex. | 
