May 23, 2010 (Allthingsforex.com) – The main gauge of economic activity and growth in the world’s largest economy, along with the U.S. consumer and housing market data, will take the center stage in the week ahead that could provide further evidence of investors’ willingness to “sell in May and go away”.
In preparation for the new trading week, here is a look at the most important economic events that every currency trader should pay attention to.
Monday, May 24 will begin with the Japanese All Industries Index of activity in all sectors of the economy, at 12:30 am, ET, and the Bank of Japan Monthly Bulletin on monetary policy, inflation and economic conditions, at 1:00 am, ET.
The first spotlight event of the week- the U.S. Existing Home Sales, the main gauge of the condition of the U.S. housing market measuring the number of closed sales of previously constructed homes, condominiums and co-ops, will be released at 10:00 am, ET.
As home buyers made the final push trying to take advantage of the tax credit before the April 30, 2010 deadline, the existing home sales could rise to 5.65 M in April from 5.4 M homes sold in March.
The light on economic data day will conclude with the New Zealand Inflation Expectations survey on the inflation outlook of business executives, at 11:00 pm, ET.
Tuesday, May 25 will start with the Swiss Consumption Indicator of consumer spending, at 2:00 am, ET.
One of the major spotlight events of the week will follow with the release of the U.K. GDP- Gross Domestic Product, the main measure of economic activity and growth, at 4:30 am, ET, along with a leading indicator of the U.K. housing market- the British Bankers Association’s Mortgage Approvals Report, measuring the number of issued home loans, also at 4:30 am, ET.
The U.K. economic growth in Q1 2010 is expected to be revised higher to 0.3% q/q from the preliminary estimate of 0.2% q/q.
The Euro-zone Industrial Orders, a leading indicator of manufacturing activity, will come at 5:00 am, ET.
The U.S. economic data will begin with the S&P/Case-Shiller National Home Price Index of the monthly changes in the average price of single-family homes in 20 metropolitan areas, at 9:00 am, ET.
A spotlight event will follow with the release of the U.S. Consumer Confidence Index of consumers’ outlook on present and future economic conditions, at 10:00 am, ET. The trend of rising consumer confidence could continue with a reading of 58.3 in May, compared with 57.9 in the previous month.
More U.S. economic reports will include the Richmond Fed Index of manufacturing activity in the Richmond Federal Reserve district, at 10:00 am, ET, and the U.S. House Price Index of the price changes of homes with mortgages backed by Fannie May and Freddie Mac, also at 10:00 am, ET.
The day will end with the Bank of Japan Meeting Minutes from the last monetary policy meeting that may provide an outlook on the economy and the bank’s future monetary policy, at 7:50 pm, ET, along with the Japanese CSPI- Corporate Services Price Index, a measure of inflation experienced by corporations when purchasing services, also at 7:50 pm, ET.
Wednesday, May 26 will begin with the German Gfk Group Consumer Climate Survey, an early indicator of economic conditions and consumer expectations, at 2:00 am, ET, and the U.K. Nationwide House Price Index of changes in home prices, also expected around 2:00 am, ET.
The U.S economic data will start with a spotlight event- the U.S. Durable Goods Orders, a leading indicator of economic activity, measuring orders placed with domestic manufacturers for immediate and future delivery of factory hard goods, at 8:30 am, ET.
Orders for durable goods are forecasted to increase to 1.4% in April from the March decline of 0.3%.
More U.S economic reports will include a spotlight event- the U.S. New Home Sales, a gauge of housing market conditions measuring the number of newly constructed homes with a committed sale during the previous month, at 10:00 am, ET, and the EIA- Energy Information Administration Weekly Oil Inventories, at 10:30 am, ET.
The second half of the U.S. housing data could show further signs of improvement in housing market activity, with the new home sales expected to rise from 411 K in March to 425 K in April.
The day will conclude with a series of important economic data, beginning with the New Zealand Trade Balance of the difference between imports and exports, at 6:45 pm, ET.
A spotlight event will follow with the release of the Japanese Trade Balance of the difference between imported and exported goods and services, at 7:50 pm, ET.
With the Japanese industrial activity and exports picking up in Q1 2010, the trade surplus may rise above JPY 948.9 B in April.
The Australian Leading Indicators of economic activity will wrap up the day at 8:00 pm, ET.
Thursday, May 27 will start with the Swiss Employment Report, a measure of employment, labor market conditions and trends, at 3:15 am, ET.
A notable report from the U.K. will follow with the release of the CBI- Confederation of British Industry Distributive Trades Survey of realized sales made by retailers and wholesalers, at 6:00 am, ET.
The U.S. economic data will bring the main spotlight event of the week- the U.S. GDP- Gross Domestic Product, the most important measure of economic activity and growth in the world’s largest economy, at 8:30 am, ET.
The U.S. economic growth in Q1 2010 is expected to be revised higher to 3.3% q/q compared with the preliminary estimate of 3.2% q/q.
The U.S. reports will continue with the weekly Jobless Claims, a gauge of labor market conditions measuring new unemployment claims, at 8:30 am, ET, and the EIA- Energy Information Administration Natural Gas Inventories, at 10:30 am, ET.
The day will conclude with a sequence of important economic data, beginning with the U.K. Consumer Confidence, a survey of consumers’ outlook on economic conditions, at 7:00 pm, ET.
A major spotlight event- the Japanese CPI- Consumer Price Index, the main measure of inflation, will hit the newswires at 7:30 pm, ET, along with the Japanese Unemployment Rate and Household Spending, also at 7:30 pm, ET.
The CPI report could show that deflation continues to pose threat to the Japanese economy with anticipated April national core CPI reading of -1.1%.
The day will end with the Japanese Retail Sales, an important measure of consumer spending, at 7:50 pm, ET.
Friday, May 28 will begin with the Swiss Trade Balance of the difference between imports and exports, at 2:15 am, ET, and the Swiss KOF Economic Barometer, a leading indicator of economic activity, at 5:30 am, ET.
The Canadian Current Account of goods, services and transfer of payments into and out of the country will follow at 8:30 am, ET.
One of the major spotlight events of the week will bring the U.S. Personal Income and Outlays, a measure of the income received and purchases made by consumers, released along with the Personal Consumption and Expenditures Deflator- a leading indicator of inflation preferred by the Fed because it measures a variable basket of goods and services, as opposed to the CPI-Consumer Price Index which measures a fixed basket of goods and services, both scheduled at 8:30 am, ET.
The data is expected to show the U.S. consumers spending less at 0.3% m/m in April from 0.6% m/m in March, while the Fed’s preferred inflation gauge could signal subdued inflationary pressures below 2.0% y/y and only 0.1% m/m increase in the core PCE prices in April.
The U.S. data will continue with the National Association of Purchasing Management – Chicago Index of economic conditions in the Chicago area, at 9:45 am, ET.
The trading week will end with a spotlight event- the U.S. Consumer Sentiment, the University of Michigan’s monthly survey of 500 households on their financial conditions and outlook of the economy, scheduled at 9:55 am, ET.
The index could confirm the trend of rising consumer sentiment with a reading of 73.7 in May, compared with the previous estimate of 73.3.
In preparation for the new trading week, here is a look at the most important economic events that every currency trader should pay attention to.
Monday, May 24 will begin with the Japanese All Industries Index of activity in all sectors of the economy, at 12:30 am, ET, and the Bank of Japan Monthly Bulletin on monetary policy, inflation and economic conditions, at 1:00 am, ET.
The first spotlight event of the week- the U.S. Existing Home Sales, the main gauge of the condition of the U.S. housing market measuring the number of closed sales of previously constructed homes, condominiums and co-ops, will be released at 10:00 am, ET.
As home buyers made the final push trying to take advantage of the tax credit before the April 30, 2010 deadline, the existing home sales could rise to 5.65 M in April from 5.4 M homes sold in March.
The light on economic data day will conclude with the New Zealand Inflation Expectations survey on the inflation outlook of business executives, at 11:00 pm, ET.
Tuesday, May 25 will start with the Swiss Consumption Indicator of consumer spending, at 2:00 am, ET.
One of the major spotlight events of the week will follow with the release of the U.K. GDP- Gross Domestic Product, the main measure of economic activity and growth, at 4:30 am, ET, along with a leading indicator of the U.K. housing market- the British Bankers Association’s Mortgage Approvals Report, measuring the number of issued home loans, also at 4:30 am, ET.
The U.K. economic growth in Q1 2010 is expected to be revised higher to 0.3% q/q from the preliminary estimate of 0.2% q/q.
The Euro-zone Industrial Orders, a leading indicator of manufacturing activity, will come at 5:00 am, ET.
The U.S. economic data will begin with the S&P/Case-Shiller National Home Price Index of the monthly changes in the average price of single-family homes in 20 metropolitan areas, at 9:00 am, ET.
A spotlight event will follow with the release of the U.S. Consumer Confidence Index of consumers’ outlook on present and future economic conditions, at 10:00 am, ET. The trend of rising consumer confidence could continue with a reading of 58.3 in May, compared with 57.9 in the previous month.
More U.S. economic reports will include the Richmond Fed Index of manufacturing activity in the Richmond Federal Reserve district, at 10:00 am, ET, and the U.S. House Price Index of the price changes of homes with mortgages backed by Fannie May and Freddie Mac, also at 10:00 am, ET.
The day will end with the Bank of Japan Meeting Minutes from the last monetary policy meeting that may provide an outlook on the economy and the bank’s future monetary policy, at 7:50 pm, ET, along with the Japanese CSPI- Corporate Services Price Index, a measure of inflation experienced by corporations when purchasing services, also at 7:50 pm, ET.
Wednesday, May 26 will begin with the German Gfk Group Consumer Climate Survey, an early indicator of economic conditions and consumer expectations, at 2:00 am, ET, and the U.K. Nationwide House Price Index of changes in home prices, also expected around 2:00 am, ET.
The U.S economic data will start with a spotlight event- the U.S. Durable Goods Orders, a leading indicator of economic activity, measuring orders placed with domestic manufacturers for immediate and future delivery of factory hard goods, at 8:30 am, ET.
Orders for durable goods are forecasted to increase to 1.4% in April from the March decline of 0.3%.
More U.S economic reports will include a spotlight event- the U.S. New Home Sales, a gauge of housing market conditions measuring the number of newly constructed homes with a committed sale during the previous month, at 10:00 am, ET, and the EIA- Energy Information Administration Weekly Oil Inventories, at 10:30 am, ET.
The second half of the U.S. housing data could show further signs of improvement in housing market activity, with the new home sales expected to rise from 411 K in March to 425 K in April.
The day will conclude with a series of important economic data, beginning with the New Zealand Trade Balance of the difference between imports and exports, at 6:45 pm, ET.
A spotlight event will follow with the release of the Japanese Trade Balance of the difference between imported and exported goods and services, at 7:50 pm, ET.
With the Japanese industrial activity and exports picking up in Q1 2010, the trade surplus may rise above JPY 948.9 B in April.
The Australian Leading Indicators of economic activity will wrap up the day at 8:00 pm, ET.
Thursday, May 27 will start with the Swiss Employment Report, a measure of employment, labor market conditions and trends, at 3:15 am, ET.
A notable report from the U.K. will follow with the release of the CBI- Confederation of British Industry Distributive Trades Survey of realized sales made by retailers and wholesalers, at 6:00 am, ET.
The U.S. economic data will bring the main spotlight event of the week- the U.S. GDP- Gross Domestic Product, the most important measure of economic activity and growth in the world’s largest economy, at 8:30 am, ET.
The U.S. economic growth in Q1 2010 is expected to be revised higher to 3.3% q/q compared with the preliminary estimate of 3.2% q/q.
The U.S. reports will continue with the weekly Jobless Claims, a gauge of labor market conditions measuring new unemployment claims, at 8:30 am, ET, and the EIA- Energy Information Administration Natural Gas Inventories, at 10:30 am, ET.
The day will conclude with a sequence of important economic data, beginning with the U.K. Consumer Confidence, a survey of consumers’ outlook on economic conditions, at 7:00 pm, ET.
A major spotlight event- the Japanese CPI- Consumer Price Index, the main measure of inflation, will hit the newswires at 7:30 pm, ET, along with the Japanese Unemployment Rate and Household Spending, also at 7:30 pm, ET.
The CPI report could show that deflation continues to pose threat to the Japanese economy with anticipated April national core CPI reading of -1.1%.
The day will end with the Japanese Retail Sales, an important measure of consumer spending, at 7:50 pm, ET.
Friday, May 28 will begin with the Swiss Trade Balance of the difference between imports and exports, at 2:15 am, ET, and the Swiss KOF Economic Barometer, a leading indicator of economic activity, at 5:30 am, ET.
The Canadian Current Account of goods, services and transfer of payments into and out of the country will follow at 8:30 am, ET.
One of the major spotlight events of the week will bring the U.S. Personal Income and Outlays, a measure of the income received and purchases made by consumers, released along with the Personal Consumption and Expenditures Deflator- a leading indicator of inflation preferred by the Fed because it measures a variable basket of goods and services, as opposed to the CPI-Consumer Price Index which measures a fixed basket of goods and services, both scheduled at 8:30 am, ET.
The data is expected to show the U.S. consumers spending less at 0.3% m/m in April from 0.6% m/m in March, while the Fed’s preferred inflation gauge could signal subdued inflationary pressures below 2.0% y/y and only 0.1% m/m increase in the core PCE prices in April.
The U.S. data will continue with the National Association of Purchasing Management – Chicago Index of economic conditions in the Chicago area, at 9:45 am, ET.
The trading week will end with a spotlight event- the U.S. Consumer Sentiment, the University of Michigan’s monthly survey of 500 households on their financial conditions and outlook of the economy, scheduled at 9:55 am, ET.
The index could confirm the trend of rising consumer sentiment with a reading of 73.7 in May, compared with the previous estimate of 73.3.
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