Key Fundamental Forex Events for the Week of October 17th through October 21st
The following table lists the key economic data and other events that came out during the week of October 17th through the 21st, with release times displayed for the GMT time zone.
The list also indicates how much each release deviated from the market consensus forecast upon release, as well as what the affected major currency pair or pairs did after each event or set of events.
Monday, October 17th
3:30pm CAD BOC Business Outlook Survey noted that, “The business outlook survey suggests that though respondents expect growth to continue, the optimism has been curtailed, this moderation in confidence provides further reason for the Bank of Canada to maintain its highly accommodative stance”. The CAD fell.
Tuesday, October 18th
1:30am AUD Monetary Policy Meeting Minutes noted that, “In the Australian markets, there was an expectation that the cash rate would be reduced significantly by the middle of next year, which was reflected in lower yields on comparable government paper and bank bills.” The AUD rose.
3:00am CNY GDP 9.1% versus 9.3% expected.
9:30am GBP CPI 5.2% versus 4.9% expected. The GBP fell.
10:00am EUR German ZEW Economic Sentiment -48.3 versus -44.7 expected. The EUR rose slightly.
1:30pm USD PPI 0.8% versus 0.2% expected.
2:00pm USD TIC Long-Term Purchases 57.9 versus 27.8B expected.
6:15pm USD Fed Chairman Bernanke spoke. He said that, “Forward guidance and other forms of communication about policy can be valuable even when the zero lower bound is not relevant, and I expect to see increasing use of such tools in the future.” The USD was mixed.
Wednesday, October 19th
9:30am GBP MPC Meeting Minutes vote 0-0-9, as expected. They noted that, “The Committee’s view remained that inflation was likely to rise above 5% in the near term, boosted by already announced increases in utility prices. Inflation was then expected to fall back sharply in the first part of 2012 as base effects from both the earlier VAT increase and higher oil prices dropped out of the twelve-month comparison.” The GBP rose.
1:30pm USD Building Permits 0.59M versus 0.61M expected.
1:30pm USD Core CPI 0.1% versus 0.2% expected. The USD was mixed.
Thursday, October 20th
9:30am GBP Retail Sales 0.6% versus 0.1% The GBP rose slightly.
1:30pm USD Weekly Initial Jobless Claims 403K versus 405K expected.
3:00pm USD Existing Home Sales 4.91M versus 4.94M expected.
3:00pm USD Philly Fed Manufacturing Index 8.7 versus -9.0 expected. The USD fell except versus the JPY.
Friday, October 21st
9:00am EUR German Ifo Business Climate 106.4 versus 106.3 expected. The EUR rose.
9:30am GBP Public Sector Net Borrowing 11.4B versus 11.9B expected. The GBP rose.
12:00pm CAD Core CPI 0.5% versus 0.2% expected. The CAD rose.
Forecast: Higher Actual: Virtually unchanged from a 0.8016 open to a 0.8011 close.
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