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The Trading Week

The Trading Week: June 29 − July 4

Thu, Jun 26 2008, 21:44 GMT
by Ilian Yotov

AllThingsForex

June 26, 2008 (Allthingsforex.com) – Despite of the holiday shortened trading week, with the U.S. markets closed on Friday, July 4th in observance of Independence Day, two interest rate announcements and a Non-Farm Payrolls report promise to deliver an exciting beginning of the trading month ahead.

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, June 29 will start the trading session with a strong sequence of significant economic releases, beginning with the U.K. Consumer Confidence Index, a survey of consumers’ financial conditions and attitudes about the economy, at 7:00 pm, ET, and the Japanese Manufacturing PMI- Purchasing Managers Index of the level of activity by purchasing managers in the manufacturing sector, at 7:15 pm, ET.

The first spotlight event of the week- the Australian TD Securities Melbourne Institute Inflation Gauge, used a timely monthly indicator of the official quarterly Consumer Price Index, will come out at 8:30 pm, ET, followed by New Zealand’s Business Confidence, at 11:00 pm, ET. 

Monday, June 30 will begin early with an important economic release- the German Retail Sales, the main measure of consumer spending in the Euro-zone’s largest economy, at 2:00 am, ET. 

News from the U.K. will bring the BBA- British Bankers Association Mortgage Approvals and Lending to Individuals, along with the U.K. Index of Services, a gauge of activity in the services sector, all due at 4:30 am, ET.

A spotlight event will follow with the release of the Euro-zone Flash HICP- Harmonized Index of Consumer Prices, a preliminary flash estimate of the main measure of inflation in the Euro-zone and the European equivalent to the CPI- Consumer Price Index, at 5:00 am, ET.

Another spotlight event- the Canadian GDP- Gross Domestic Product, the main measure of economic activity and growth, will come at 8:30 am, ET.

The only notable U.S. economic release that day will be the Chicago PMI- Purchasing Managers’ Index of business conditions in the Chicago area, at 9:45 am, ET.

The day will conclude with two significant economic reports- the Australian Manufacturing PMI- Purchasing Managers Index of the level of activity by purchasing managers in the manufacturing sector, at 7:30 pm, ET, and the Japanese Tankan Manufacturing and Non-Manufacturing Indexes, of economic conditions in the manufacturing and services sectors, at 7:50 pm, ET.

Tuesday, July 1 will start the new trading month with one of the major spotlight events of the week- the Reserve Bank of Australia's Interest Rate Announcement, scheduled at 12:30 am, ET.

News from the U.K. will bring the Nationwide House Price Index of the monthly change in the average asking price of residential properties, expected around 2:00 am, ET, followed by the Swiss PMI-Purchasing Managers' Index, measuring the activity level of purchasing managers in the manufacturing and service sectors, at 3:30 am, ET.

More European releases will include the German Unemployment Rate, at 3:55 am, ET, the U.K. Manufacturing PMI- Purchasing Managers Index of the level of activity by purchasing managers in the manufacturing sector, at 4:30 am, ET, and the Euro-zone Unemployment Rate, at 5:00 am, ET.

The U.S. releases will deliver a spotlight event- the ISM Manufacturing Index, a composite diffusion index of national conditions in the manufacturing sector, at 10:00 am, ET, along with the U.S. Construction Spending, also at 10:00 am, ET. If the Institute for Supply Management Index shows a reading below 50, that would indicate economic contraction.

The day will conclude with two important economic releases- the Australian Retail Sales, the main gauge of consumer spending, at 9:30 pm, ET, and the Australian Building Approvals, also at 9:30 pm, ET. 

Wednesday, July 2 will begin with the Euro-zone Manufacturing PMI- Purchasing Managers Index of the level of activity by purchasing managers in the manufacturing sector, at 4:00 am, ET, and the U.K. Construction PMI- Purchasing Managers Index, at 4:30 am, ET.

A spotlight event- the Euro-zone PPI- Producer Price Index, the measure of the level of inflation experienced by manufacturers, will be released at 5:00 am, ET. 

The U.S. data will deliver another spotlight event- the ADP-Automatic Data Processing Employment Report, a preliminary estimate that could help to predict the monthly non-farm payrolls, at 8:15 am, ET, followed by the U.S. Factory Orders, representing the dollar level of new factory orders for both durable and nondurable goods, at 10:00 am, ET, and the EIA- Energy Information Administration Weekly Oil Inventories, at 10:30 am, ET.

The day will end with the Australian Trade Balance of the difference between the country’s imports and exports, at 9:30 pm, ET, and New Zealand’s Commodity Price Index of inflation and changes in the prices of commodities, at 11:00 pm, ET. 

Thursday, July 3 will be the busiest trading day of the week, beginning early with several significant economic events- the Swiss CPI- Consumer Price Index, the main measure of inflation, at 1:45 am, ET, and the U.K. Halifax House Price Index of the monthly change in the average asking price of residential properties, at 4:30 am, ET, along with the U.K. Construction PMI- Purchasing Managers' Index, also at 4:30 am, ET.

More European news will bring a spotlight event- the Euro-zone Retail Sales, the main measure of consumer spending, at 5:00 am, ET, along with the Swiss National Bank’s Monetary Policy Report of current economic conditions and future expectations for the Swiss economy, also at 5:00 am, ET.

One of the main spotlight events of the week- the European Central Bank's Interest Rate Decision will follow at 7:45 am, ET. The European Central Bank is widely anticipated to raise interest rates by 25 bps.

After the interest rate announcement, the U.S. Weekly Jobless Claims will be released at 8:30 am, ET, and at the same time, another important event that morning will be the European Central Bank President Jean-Claude Trichet's speech at 8:30 am, ET at the press conference following the ECB Governing Council's interest rate decision. The language of the statement will be very closely watched for any hints of future changes in the ECB’s monetary policy.

The main spotlight economic event of the week- the U.S. Non-Farm Payrolls and Employment Situation Report, one of the most important indicators of economic health, measuring the number of new jobs created, will hit the news wires at 8:30 am, ET, along with the U.S. Unemployment Rate and Average Hourly Earnings, also due at 8:30 am, ET.

More U.S. data will bring another spotlight event- the ISM Non-Manufacturing Index of economic conditions in industries like agriculture, mining, construction, transportation, communications, wholesale trade and retail trade, at 10:00 am, ET, followed by the EIA- Energy Information Administration Weekly Natural Gas Inventories, at 10:30 am, ET.

Friday, July 4 will see the U.S. markets closed in observance of Independence Day and will be light on economic releases, starting with the Japanese Leading Index of economic activity, at 1:00 am, ET, and the German Factory Orders, at 6:00 am, ET.

The trading week will end with the Canadian Ivey PMI- Purchasing Managers' Index of the level of activity by purchasing managers from all sectors of the economy, scheduled at 10:00 am, ET.

Published on  Thu, Jun 26 2008, 21:45 GMT

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