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The Trading Week

The Trading Week: June 21 − June 26

Fri, Jun 19 2009, 01:21 GMT
by Ilian Yotov

AllThingsForex

June 19, 2009 (Allthingsforex.com) – The Fed’s interest rate announcement, coupled with the U.S. housing and economic growth data will be the reports with the greatest potential to move the markets in the 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.

Sunday, June 21 will start the trading session with the U.K. Rightmove House Price Index, an indicator of changes in home prices, at 7:00 pm, ET.

Notable reports from Japan will bring the Tertiary Industry Index, a leading indicator of economic conditions measuring activity in the services industry, at 7:50 pm, ET, along with the Japanese Manufacturing Index, a survey of large manufacturers on current and future economic conditions, also at 7:50 pm, ET. 

Monday, June 22 will begin with the first spotlight event of the week- the German IFO Institute Business Climate and Expectations Index, an early indicator of economic conditions and business expectations, at 4:00 am, ET.

The only other notable economic release for the day will be the Canadian Foreign Security Purchases, a measure of foreign investment in Canada and a gauge of the attractiveness of the CAD for foreign investors, at 8:30 am, ET. 

Tuesday, June 23 will start with the German Consumer Climate Index of the outlook of consumers on current and future economic conditions, at 2:00 am, ET, and the Swiss Trade Balance of the difference between imported and exported goods and services, at 2:15 am, ET.  

Two spotlight events will follow with the releases of the German and the Euro-zone Manufacturing and Services PMI- Purchasing Manager's Indexes, measuring the level of activity of purchasing managers in the manufacturing and service sectors, due at 3:30 am, ET and 4:00 am, ET.

A leading indicator of the U.K. housing market- the BBA- British Bankers' Association Mortgage Approvals, measuring the number of issued home loans, will come at 4:30 am, ET.

One of the major spotlight events of the week- the U.S. Existing Home Sales, the main gauge of U.S. housing market conditions measuring the number of closed sales of previously constructed homes, condominiums and co-ops, will be released at 10:00 am, ET.

The U.S. economic data will include the U.S. House Price Index of the price changes of homes with mortgages backed by Fannie May and Freddie Mac, at 10:00 am, ET, and the Richmond Fed Index, measuring the general business conditions of manufacturers in the Richmond Federal Reserve district, also at 10:00 am, ET.

The day will conclude with a spotlight event- the Japanese Trade Balance of the difference between imported and exported goods and services, at 7:50 pm, ET, along with the Japanese CSPI- Corporate Services Price Index, a measure of inflation experienced by corporations when purchasing services, also at 7:50 pm, ET.

The New Zealand Consumer Sentiment survey on the current and future economic outlook of consumers, will wrap up the busy day at 10:00 pm, ET.

Wednesday, June 24 will begin with 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 U.K. Confederation of British Industry Distributive Trades, measuring wholesale and retail sales, at 6:00 am, ET.

The U.S economic data will start with a spotlight event- the U.S. Durable Goods Orders placed with domestic manufacturers for immediate and future delivery of factory hard goods and a leading indicator of economic activity, at 8:30 am, ET.

The U.S. economic releases will continue with another spotlight event- the U.S. New Home Sales, a gauge of housing market conditions measuring the number of newly constructed homes with a committed sale during the previous month, at 10:00 am, ET, followed by the weekly EIA- Energy Information Administration Oil Inventories, at 10:30 am, ET.

The main spotlight event of the week- the U.S. FOMC- Federal Open Market Committee Interest Rate Announcement, will be released at 2:15 pm, ET.

The day will conclude with several notable economic reports, beginning with New Zealand’s Current Account of goods, services and transfer of payments into and out of the region, at 6:45 pm, ET, and the Australian Leading Index of economic conditions, at 8:00 pm, ET.

Thursday, June 25 will start with the U.K. Nationwide House Price Index, an indicator of housing market conditions measuring changes in home prices, expected around at 2:00 am, ET, followed by the Euro-zone Industrial Orders, a measure of industrial activity, at 5:00 am, ET.

The U.S. economic reports will begin with one of the major 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.

More U.S. data will include the U.S. Corporate Profits, a measure of corporate income, at 8:30 am, ET, and the weekly Jobless Claims, also at 8:30 am, ET.

A sequence of important reports that evening will with start with the release of New Zealand’s GDP- Gross Domestic Product, the main measure of economic activity and growth, at 6:45 pm, ET.

The day will conclude with a spotlight event- the Japanese CPI- Consumer Price Index, the main measure of inflation, at 7:30 pm, ET, and the Japanese All Industry Activity Index, a leading indicator of economic conditions, at 7:50 pm, ET.

Friday, June 26 will begin with the preliminary flash estimate of the German CPI- Consumer Price Index, the main measure of inflation in the Euro-zone’s largest economy, expected around 2:00 am, ET. 

The U.S. economic data will bring a major spotlight event- the U.S. Personal Income and Outlays, 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 busy trading week will end with the U.S. Consumer Sentiment, the University of Michigan’s monthly survey of 500 households on their financial conditions and attitudes about the economy, scheduled at 9:55 am, ET.

Published on  Fri, Jun 19 2009, 01:22 GMT