Forex Weekly Outlook: The Top 10 Forex events Nov 8-12

ForexNewsNow | Published on November 6, 2010 at 11:33 am

japan central bank jpy usd forex newsNEW YORK (Forex News Now) – The FNN team has prepared its weekly list of the top 10 economic events most likely to impact currency market trading and make forex news during the coming week, Nov. 8-12.

All times are given in GMT.

  1. Japanese trade balance BOP basis (JPY): Monday, 11:50 P.M. – Japan’s Statistics Bureau will release Japan’s international trade balance, revealing indicators of how Japan’s export-centric economy is handling trading with a strong yen. The previous balance is 195.9 billion yen.
  2. Canadian housing starts (CAD): Monday, 1:15 P.M. –The Canada Mortgage and Housing Corporation is set to release the housing starts figures for the month of October. The Canadian housing market is declining and homebuilding has eased for six months in a row.
  3. NIESR Gross Domestic Product estimate (GBP): Tuesday, 12:01 A.M. – The National Institute of Economic and Social Research is set to announce its estimate of Britain’s GDP growth one month before the official release.  This report is usually very accurate and is thus highly anticipated for its effects on the market.
  4. German Consumer Price Index MoM and YoY (EUR): Tuesday, 7:00 A.M. – The German CPI is a significant gauge of inflation in the euro zone. These three reports will cover German inflation month on month and year on year for the month of October and should give an indication of inflationary pressures for the euro.
  5. Bank of England quarterly inflation report (GBP): Wednesday, 9:30 A.M. The Bank of England will deliver its quarterly inflation report, which is a significant mover of the markets based on its outlook for inflation both now and in the near future.  Higher inflation is likely indicative of a strengthening economy, and could influence rate increases in the near term. Analysts predict the BoE will announce inflation as coming short of its 2.00% target for November, but likely will not cause more stimulus.
  6. Japanese Machine Orders MoM and YoY (JPY): Wednesday, 10:50 P.M. – The Japanese government is set to announce the overall machine orders for the month of September on a MoM and YoY basis. Higher numbers suggest improvement in business confidence and overall outlook for the Japanese economy.
  7. Australian unemployment rate/change (AUD): Wednesday, 11:30 P.M. – The Australian Bureau of Statistics will release two linked reports: the overall unemployment rate and the employment change.  It is likely that both reports will be noticeably positive. FX traders will be keen to study the results of the report because Australian recently raised interest rates. A disappointing report could send the Aussie down.
  8. German Gross Domestic Product QoQ (EUR): Friday, 6:00 A.M. – Germany’s Federal Statistics Office will announce the GDP growth rate for the third quarter on Friday.  This report is anticipated because Germany is the largest single contributor to the strength of the euro zone economy – and fluctuations in Germany’s GDP always have an impact on the euro.  Analysts expect the rate to drop to 0.8% expansion, down from 2.2% expansion in the previous quarter.
  9. Euro Zone Gross Domestic Product QoQ and YoY (EUR): Friday, 9:00 A.M. – Eurostat will release a pair of reports announcing the change in the EU’s GDP for the third quarter. German GDP will likely be lower than the second quarter, which could mean the euro zone GDP QoQ figures will be disappointing. Year on Year figures are expected to provide some positive news for the euro.
  10. University of Michigan consumer sentiment index (USD): Friday, 1:55 P.M. – Released monthly by the University of Michigan, the CSI is a measure of consumer sentiment and is often viewed as a leading indicator of future economic performance in the U.S.

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