4, 2011
(Allthingsforex.com)
–
Following a
couple of busy
trading weeks
for the euro
and the U.S.
dollar, the
lighter on
economic data
week ahead will
shift currency
traders'
focus to the
pound sterling
ahead of the
Bank of England
interest rate
announcement,
coupled with
industrial
production and
wholesale
inflation
reports from
the U.K.
In
preparation for
the new trading
week, here is
the outlook for
the Top 10
spotlight
economic events
that will move
the markets
around the
globe.
1. AUD-
Australia
Retail
Sales,
an important
gauge of
consumer
spending
measuring sales
at retail
establishments,
Sun., Feb. 6,
7:30 pm,
ET.
Despite
of the floods,
consumer
spending in
Australia is
expected to
register
another month
of increase,
with retail
sales rising by
0.5% m/m from
0.3% in the
previous month.
2. EUR-
Germany
Industrial
Production,
the main gauge
of industrial
activity
measuring the
output of
factories,
mines and
utilities,
Tues., Feb. 8,
6:00 am,
ET.
After
the 0.7% m/m
drop in
November,
industrial
activity in the
Euro-zone's
largest economy
is forecast to
rise by 0.1%
m/m in
December.
3. USD-
U.S. Federal
Reserve
Chairman
Testimony
for the House
Budget
Committee on
economic
conditions and
monetary
policy, Wed.,
Feb. 9, 10:00
am, ET.
Chairman Ben
Bernanke's
testimony is
expected to
echo the
statement
issued at the
latest FOMC
monetary policy
meeting,
highlighting
the reasons
behind the
Fed's
decision to
stay the course
and continue
its
ultra-accommodative
monetary policy
of near 0%
interest rates,
coupled with
the $600
billion
quantitative
easing program
of Treasury
bond purchases.
4. AUD-
Australia
Employment
Situation and
Unemployment
Rate,
the main gauges
of employment
trends and
labor market
conditions,
Wed., Feb. 9,
7:30 pm, ET.
Recovery and
rebuilding
efforts
following the
floods in
Queensland
could boost job
creation
"down
under" as
the Australian
economy adds up
to 20.3K jobs,
compared with
only 2.3K new
jobs created in
the previous
month. The
unemployment
rate is
forecast to
remain low at
5.0%.
5. CHF-
Swiss CPI-
Consumer Price
Index,
the main
measure of
inflation
preferred by
the Swiss
National Bank,
Thurs., Feb.
10, 3:15 am,
ET.
The inflation
reports in the
weeks and
months ahead
could become
significant
risk events for
the Swiss
franc's
multi-year
bullish trend
against the
U.S. dollar and
the euro,
especially if
the Swiss
National Bank
warns that the
threat of
deflation once
again looms
over the
economy. The
Swiss inflation
gauge is
forecast to
drop with a
reading of
-0.1% m/m in
January,
bringing the
annual rate of
inflation to
0.4% y/y from
0.5% y/y in
December.
6. GBP-
U.K. Industrial
Production and
Manufacturing
Output,
the main gauges
of industrial
activity
measuring the
output of
factories,
mines and
utilities,
Thurs., Feb.
10, 4:30 am,
ET.
The
U.K.
manufacturing
activity is
expected to
pick up the
pace by 0.5%
m/m in December
compared with
0.4% in the
previous month,
in spite of the
unexpected GDP
contraction in
the fourth
quarter of
2010.
7. GBP-
Bank of England
Interest Rate
Announcement,
Thurs., Feb.
10, 7:00 am,
ET.
Although the
Bank of England
is likely to
maintain the
current record
low benchmark
interest rate
at 0.5%, two
monetary policy
makers voted
for a rate hike
at the previous
meeting and a
third Monetary
Policy
Committee
member has
joined the
hawkish camp
with a
statement
issued last
week. The
market has been
pricing
aggressively Q3
rate hike
expectations
and if the Bank
of England
confirms that
view, the GBP
could remain
comfortably
above the $1.60
mark.
8. USD-
U.S. Jobless
Claims,
an important
gauge of
employment
trends and
labor market
conditions,
Thurs., Feb.
10, 8:30 am,
ET.
To indicate a
significant
decline in
unemployment,
economists
estimate that
jobless
applications
would need to
fall to 375K or
below. In
recent weeks
applications
for
unemployment
benefits have
unexpectedly
spiked higher
to 454K, but
could resume
their pull back
to the 400K
level with a
reading of 411K
from 415K in
the previous
week.
9. GBP-
U.K. PPI-
Producer Price
Index,
a measure of
factory-gate
inflation on a
wholesale level
and a leading
indicator of
consumer
inflation,
Fri., Feb. 11,
4:30 am, ET.
Wholesale
inflationary
pressures in
the U.K. are
expected to
subside in
December as
input price
inflation
registers a
smaller 1.3%
increase from
3.4% in
November, and
output prices
forecast to
rise by 0.4%
m/m compared
with the 0.5%
increase in the
previous
month.
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. 11, 9:55
am, ET.
The
trend of
improvement in
the U.S.
consumer
sentiment is
forecast to
continue with a
preliminary
estimate of
74.6 in
February,
slightly higher
than the 74.4
reading in the
previous
month.
Source: Fxstreet.com
No comments:
Post a Comment