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The Trading Week

The Trading Week: May 18 − May 23

Fri, May 16 2008, 02:16 GMT
by Ilian Yotov

AllThingsForex

May 16, 2008 (Allthingsforex.com) – The trading week ahead may not look as busy as the previous one, but the U.S. housing data, an interest rate announcement from Bank of Japan and inflation reports from major economies around the globe will provide enough reasons to keep traders occupied.

In preparation for the new trading week, here is a quick look at the most important economic events that every currency trader should pay attention to.

Sunday, May 18 will start the trading session with a significant economic release- the U.K. Rightmove House Price Index, used as an indicator of price changes and inflation in the housing sector, at 7:00 pm, ET.

Monday, May 19 will have a light on economic data morning, beginning with the U.S. Leading Indicators of economic activity, at 10:00 am, ET.

Two notable economic releases will conclude the day- the Japanese Tertiary Service Industry Activity Index, at 7:50 pm, ET, and the Reserve Bank of Australia’s Meeting Minutes from the last monetary policy meeting that may provide some clues about the bank’s future monetary policies, scheduled at 9:30 pm, ET.

Tuesday, May 20 will start with the first spotlight event of the week- Bank of Japan’s Interest Rate Announcement, expected around 12:00 am, ET, followed by Bank of Japan’s Monthly Report on economic growth, inflation, interest rates, and overall economic conditions, at 2:00 am, ET.

A sequence of important inflation data from Europe will begin with the German PPI-Producers Price Index, the main measure of inflation experienced by manufacturers, at 2:00 am, ET, and the Swiss PPI-Producers Price Index, at 3:15 am, ET.

More European releases will deliver a notable event- the Euro-zone and the German ZEW Institute Economic Sentiment of institutional investors, at 5:00 am, ET. 

The North American news will begin with the Canadian Wholesale Sales and Foreign Securities Purchases, both scheduled at 8:30 am, ET.   

The U.S. economic data will bring a spotlight event- the U.S. PPI- Producers Price Index, the main measure of inflation experienced by manufacturers and a leading indicator of consumer inflation, at 8:30 am, ET, followed by the U.S. State Street Investor Confidence Index, measuring investors’ confidence by looking at actual levels of risk in investment portfolios, at 10:00 am, ET.

The day will end with a spotlight event from Australia- the Westpac Melbourne Institute’s Consumer Sentiment, a survey of consumers’ financial conditions and attitudes about the economy, at 8:30 pm, ET.

Wednesday, May 21 will begin with a spotlight event from the U.K.- Bank of England’s Monetary Policy Committee Meeting Minutes which may provide clues about the bank’s policy makers’ position on interest rates and the future monetary policy, at 4:30 am, ET, along with the U.K. Money Supply and Public Borrowing, also at 4:30 am, ET.

There will be only one notable European release- the Swiss ZEW Institute Economic Expectations Index, a measure of investors’ sentiment, at 5:00 am, ET.

News from Canada will bring a spotlight event- the Canadian CPI- Consumer Price Index, the main measure of inflation, at 7:00 am, ET, followed by the Canadian Leading Indicators of economic activity, at 8:30 am, ET.

The U.S. economic releases will begin with the EIA- Energy Information Administration Weekly Oil Inventories, at 10:30 am, ET.

Later that afternoon, a spotlight event will come from the U.S. with the release of the FOMC- Federal Open Market Committee Meeting Minutes, scheduled at 2:00 pm, ET. The FOMC minutes should generate a lot of attention in the financial markets because the minutes reveal more details on the discussion at the most recent FOMC meeting and on the Fed’s position on interest rates.

The day will end with the Japanese All Activity Index of changes in spending for goods and services, at 7:50 pm, ET, and the Japanese Trade Balance, also at 7:50 pm, ET.

Thursday, May 22 will start with a spotlight event- the U.K. Retail Sales, the main gauge of consumer spending, at 4:30 am, ET, followed by the Euro-zone Industrial New Orders, at 5:00 am, ET, and the U.K. Industrial Orders, at 6:00 am, ET.

Out of Canada, traders will see another spotlight event- the Canadian Retail Sales, the main measure of consumer spending, at 8:30 am, ET.

The U.S economic releases will begin with the usual for every Thursday weekly Jobless Claims, at 8:30 am, ET, followed by the U.S. House Price Index, a measure of price changes for single family homes, at 10:00 am, ET.

The day will conclude with Bank of Japan’s Meeting Minutes from the last monetary policy meeting that may provide some clues about the bank’s future monetary policies, at 7:50 pm, ET.

Friday, May 23 will begin with the Swiss Trade Balance of the difference between imported and exported goods and services, at 2:15 am, ET.

News from the U.K. will bring a spotlight event- the preliminary estimate of the U.K. GDP- Gross Domestic Product, the main measure of economic activity and growth, at 4:30 am, ET.

The trading week will end with its most important spotlight event- 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, condominium and co-ops, scheduled at 10:00 am, ET.

Published on  Fri, May 16 2008, 15:54 GMT