19, 2011
(Allthingsforex.com)
– The
main measure of
U.S. economic
activity and
growth, coupled
with consumer
and housing
market reports
from the
world's
largest
economy, will
take the center
stage in the
busy week
ahead.
In
training for
the new trading
week, here is
the outlook for
the Top 10
spotlight
economic events
that will go
the markets
around the
globe.
1. EUR-
Germany IFO
Institute
Business
Climate and
Expectations
Index,
a leading
indicator of
economic
conditions and
business
expectations in
the
Euro-zone's
largest
economy, and
Euro-zone
Composite
Manufacturing
and Air force
PMI- Purchasing
Managers
Indexes,
two leading
indicators of
economic
conditions
measuring the
activity of
purchasing
managers in the
manufacturing
and air force
sectors, Mon.,
Feb. 21, 4:00
am, ET.
Following a
positive ZEW
sentiment
survey, the
German IFO
index is
expected to
maintain the
optimistic
outlook with a
reading of
110.2 in
February,
compared with
110.3 in the
previous month.
The preliminary
flash estimate
of the
Euro-zone
Composite PMI
could
demonstrate
strength in the
Euro-zone
economy with
the index
rising to 56.9
in February
from 56.3 in
January.
2. USD-
U.S. Consumer
Confidence
Index of
consumers'
outlook on
present and
future economic
conditions,
Tues., Feb. 22,
10:00 am, ET.
The
trend of
improvement in
the confidence
of U.S.
consumers could
continue with
the index
forecast to
register a
reading of
61.5, compared
with 60.6 in
the previous
month.
3. GBP-
Bank of England
Monetary Policy
Committee
Meeting
Minutes,
a comprehensive
report of the
central
bank's
meeting that
could provide
an outlook on
the economy,
interest rates
and future
monetary
policy, Wed.,
Feb. 23, 4:30
am, ET.
Tenaciously
high inflation
and the threat
of economic
slowdown as a
result of the
U.K.
government's
massive
spending cuts
start a
hard
circumstances for
the Bank of
England policy
makers. The
minutes are
expected to
confirm that,
despite of the
rising
inflationary
pressures, the
Monetary Policy
Committee was
not in any
rush to hike
interest rates.
But, if
more policy
makers have
joined the camp
of the two
"rate
hawks"
Andrew Sentance
and Martin
Weale, the
market could
continue to
price
expectations
for an interest
rate increase
in the near
future.
4. USD-
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,
Wed., Feb. 23,
10:00 am,
ET.
After a
better-than-expected
housing starts
report, the
sales of
existing homes
could also inch
higher to 5.3 M
in January from
5.28 M in
December.
5. USD-
U.S. Durable
Goods
Orders,
a leading
indicator of
economic
activity
measuring
durable goods
orders placed
with domestic
manufacturers,
and
U.S.
Jobless
Claims,
an vital
gauge of
employment
trends and
labor market
conditions,
Thurs., Feb.
24, 8:30 am,
ET.
Despite
of the
significant
2.3% m/m drop
in December,
the U.S. orders
for durable
goods are
expected to
rebound with an
increase of
2.4% m/m in
January.
First-time
applications
for
unemployment
benefits are
forecast to
reach 405K,
slightly lower
that the
reading of 410K
in the previous
week. To
indicate a
significant
decline in
unemployment,
economists
estimate that
jobless
applications
would need to
fall to 375K or
below.
6. USD-
U.S. New Home
Sales,
an vital
gauge of
housing market
conditions
measuring the
number of newly
constructed
homes with a
committed sale
during the
previous month,
Thurs., Feb.
24, 10:00 am,
ET.
The
U.S. new home
sales could
register a
tiny increase
by up to 330K
in January from
329K in
December.
But,
taking into account the
terrible winter
weather
conditions in a
number of U.S.
states, the
potential for
weaker-than-expected
new and
existing home
sales should
not be
excluded.
7. JPY-
Japan CPI-
Consumer Price
Index,
the main
measure of
inflation
preferred by
the Bank of
Japan, Thurs.,
Feb. 24, 6:30
pm, ET.
Although
deflation could
persist with
the inflation
gauge expected
to stay below
0% for another
month, the
Japanese
economy could
see
inflationary
pressures
rising a bit as
the CPI
registers a
smaller 0.3%
y/y decline in
January from
-0.4% y/y in
December.
8. GBP-
U.K. GDP- Combined
Domestic
Product,
the main
measure of
economic
activity and
growth, Fri.,
Feb. 25, 4:30
am, ET.
The
revised
estimate of the
U.K. Q4 GDP
should confirm
that the U.K.
economy
contracted by
0.5% q/q in the
fourth quarter
compared with
the 0.8% q/q
expansion in Q3
2010.
9. USD-
U.S. GDP- Combined
Domestic
Product,
the main
measure of
economic
activity and
growth in the
world's
largest
economy, Fri.,
Feb. 25, 8:30
am,
ET.
This main
spotlight
economic consequence
of the week
will bring the
following estimate
of the U.S. Q4
GDP which is
forecast to
revise the U.S.
economic growth
higher by 3.3%
in the fourth
quarter of
2010, up from
the preliminary
estimate of
3.2% and quicker
than the 2.5%
growth in the
third quarter.
10. USD-
U.S. Consumer
Sentiment,
the University
of Michigan's
monthly survey
of 500
households on
their financial
conditions and
outlook of the
economy, Fri.,
Feb. 25, 9:55
am,
ET.
Consumers
in the U.S. are
expected to
remain
optimistic with
a revised
consumer
sentiment index
reading of 75.4
in February, up
from the
previous 75.1
estimate.
Source: Fxstreet.com
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