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The Trading Week

The Trading Week: Nov. 24 − Nov. 28

Fri, Nov 21 2008, 20:59 GMT
by Ilian Yotov

AllThingsForex

Nov. 21, 2008 (Allthingsforex.com) – The U.S. housing and economic growth data will take the center stage in the Thanksgiving holiday-shortened trading week 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.

Monday, Nov. 24 will begin with the first spotlight event of the week- the German IFO Institute Business Climate and Expectations Index, an early indicator of current conditions and business expectations, at 4:00 am, ET.

More European news will bring the Euro-zone Current Account of goods, services and transfer of payments into and out of the country, at 4:00 am, ET, and the Euro-zone Manufacturing Industrial Orders, at 5:00 am, ET.

The only U.S. economic release for the day will deliver the main spotlight event of the week- the U.S. Existing Home Sales, measuring the number of closed sales of previously constructed homes, condominium and co-ops, and the main gauge of the condition of the U.S. housing market, at 10:00 am, ET.

The day will end with the Australian Leading Index of economic activity, at 6:00 pm, ET, the Japanese CSPI- Corporate Services Price Index- a measure of the rate of inflation experienced by corporations when purchasing services, at 6:50 pm, ET, and the Reserve Bank of New Zealand’s Inflation Expectations survey of business managers, at 9:00 pm, ET.

Tuesday, Nov. 25 will start with Bank of Japan’s Monthly Report on current economic environment and an outlook for inflation and future economic conditions, at 1:00 am, ET.

A strong sequence of important economic data from the Euro-zone’s largest economy will follow with the releases of the German Consumer Confidence Index of the sentiment of consumers regarding current and future economic conditions, at 2:00 am, ET, and the German GDP- Gross Domestic Product, the main measure of economic activity and growth, also at 2:00 am, ET.

More European releases will include the Swiss Consumption Indicator of consumer spending, at 4:00 am, ET, and the U.K. BBA- British Bankers' Association Mortgage Approvals, measuring the number of issued home loans, at 4:30 am, ET.

News from Canada will deliver a spotlight event- the Canadian Retail Sales, an important gauge of consumer spending, measuring the total receipts at stores that sell durable and nondurable goods, at 8:30 am, ET.

The U.S. economic releases will begin with one of the main spotlight events of the week- the U.S. GDP- Gross Domestic Product, the main measure of economic activity and growth in the world’s largest economy, at 8:30 am, ET.

The U.S. economic data will continue with the S&P/Case-Shiller National Home Price Index of the monthly change in the average price of single-family homes, at 9:00 am, ET.

Another U.S. spotlight event will follow with the U.S. Consumer Confidence Index, measuring consumers’ attitudes in regard to economic conditions, at 10:00 am, ET, along with the Richmond Fed Index of manufacturing and economic activity in the Richmond Federal Reserve district, also at 10:00 am, ET. 

The day will end with the Australian Completed Construction Projects, at 7:30 pm, ET. 

Wednesday, Nov. 26 will be the busiest trading day of the week, beginning with the preliminary estimate of the German CPI- Consumer Price Index, the main measure of inflation in the Euro-zone’s largest economy, at 2:00 am, ET, and the German Import Price Index of price changes and inflationary trends for imported goods, also at 2:00 am, ET.

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

Another spotlight event will come with the release of the U.S. Personal Income and Spending, a measure of the income received and purchases made by consumers, at 8:30 am, ET. This leading indicator of inflation is preferred by the Fed because it measures a variable basket of goods and services, as opposed to the CPI-Consumer Price Index, which measures a fixed basket of goods and services. 

The sequence of important U.S. economic reports will continue with the U.S. Durable Goods Orders, placed with domestic manufacturers for immediate and future delivery of factory hard goods, at 8:30 am, ET, along with the weekly Jobless Claims, also at 8:30 am, ET.

Two more spotlight events that morning will bring the U.S. University of Michigan's Consumer Sentiment survey of consumers’ financial conditions and attitudes about the economy, at 10:00 am, ET, and the U.S. New Home Sales, measuring the number of newly constructed homes with a committed sale during the previous month, also at 10:00 am, ET, followed by the EIA- Energy Information Administration Weekly Oil Inventories, at 10:30 am, ET.

Later that afternoon, New Zealand’s Trade Balance of the difference in value between imported and exported goods and services, will be released at 4:45 pm, ET.

The busy day will end with Bank of Japan’s Meeting Minutes from the last monetary policy meeting that may provide some clues about the bank’s future monetary policy, at 6:50 pm, ET, the Australian Capital Expenditures by private businesses, at 7:30 pm, ET, and New Zealand’s Business Confidence, a measure of the sentiment of businesses regarding current and future economic conditions, at 9:00 pm, ET.

Thursday, Nov. 27 will see the U.S. markets closed in observance of Thanksgiving Day, but there will several notable economic reports from other countries around the world, starting with the Swiss Employment Level at 3:15 am, ET, the German Unemployment Rate, at 3:55 am, ET, and the Euro-zone Money Supply, at 4:00 am, ET.

A leading indicator of the U.K. housing market- the Nationwide House Price Index of the monthly change in the average asking price of residential properties will be released at 4:30 am, ET, followed by the Euro-zone Consumer Confidence, a measure of consumers’ attitudes in regard to economic conditions, at 5:00 am, ET.

The day will conclude with a spotlight event- the Japanese CPI- Consumer Price Index, the main measure of inflation, at 6:30 pm, ET, along with the Japanese Unemployment Rate, also at 6:30 pm, ET.

Two important reports will end the day- the Japanese Retail Sales, the main measure of consumer spending, at 6:50 pm, ET, and the U.K. Consumer Confidence, a measure of consumers’ attitudes in regard to economic conditions, at 7:00 pm, ET. 

Friday, Nov. 28 will begin with the Japanese Housing Starts, measuring construction of new residential properties, at 12:00 am, ET. 

News from the Euro-zone will deliver a spotlight event- 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.

The European data will continue with the Euro-zone Unemployment Rate, at 5:00 am, ET, the Swiss Leading Index of overall economic conditions, at 5:30 am, ET, and the U.K. Confederation of British Industry’s Distributive Trades, measuring the reported sales at the nation’s retailers, at 6:00 am, ET.

The last trading week of the month will end with two notable economic reports- the Canadian IPPI- Industrial Product Price Index and RMPI- Raw Materials Price Index, the main measures of inflation experienced by manufacturers, scheduled at 8:30 am, ET, along with the Canadian Current Account of goods, services and transfer of payments into and out of the country, also at 8:30 am, ET.

Published on  Fri, Nov 21 2008, 20:59 GMT