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Condifence In the Dollar?

Fri, May 2 2008, 14:43 GMT
by Tatsuya Kawanishi

FXstreet.com

The NFP came out much better than expected on Friday, ( May 2nd : Actual -20 vs Forecast -78 ). We have seen the appreciation of the USD. The EUR/USD has moved down to the 1.5400 region, while the USD/JPY has moved up to the 105.00 region. Will we keep seeing theUSD recover with confidence or are we half- believed in what we have seen?

This week has several explosive events. On schedule , we have Gearman factory orders, the central banks' interest rate decisions and trade balances. It is worth noting that the Tokyo session is closed on May 5th due to a Bank Holiday ( Children's Day ). Alright! Let's review them all.

On Sunday ( May 4 ) we have the following events to watch:

There is no signigicat event on Sunday.

On Monday ( May 5th Bank Holiday in Japan ) we have the following events to watch:

In Australia, House Price Index ( Previous 3.2% ) is released at 01:30 GMT.
In New Zealand, ANZ Commodity Price Index ( Previous 2.0% ) is released at 02:00 GMT. There are no further significant events on Monday.

On Tuesday ( May 6th ) we have the following events to watch:

In Australia, Trade Balance ( Previous -3.29% ) is released at 01:30 GMT. Also, the RBA Intersest Rate Announcement ( Current 7.25% ) is scheduled at 04:30 GMT. Be aware AUD/USD traders.
In Switzerland, Consumer Price Index ( Previous -0.3 % ) is scheduled at 05:45 GMT.
In the Euro-Zone, Producer Price Index ( Previous 0.6% ) is an important event to watch.
In Canada, Building Permits ( Previous -1.0% ) and Ivey PMI ( Previous 59.0 ) are events to follow. Be aware USD/CAD traders.
In the UK, Consumer Price Index ( Previous 77 ) is scheduled at 23:01 GMT.

On Wednesday ( May 7th ) we have the following events to watch:

In the UK, Industrial Production ( Previous 0.3% ), Manufacturing Production ( Previous 0.4% ), and BRC Shop Price Index ( Previous 1.1% ) are notable events to watch. Also, NIESR GDP Estimate ( Previous 0.5% ) is an event to follow.This report that comes out a month before the official announce is highly reliable and can influence the UK monetary policy.
In the Euro-Zone, Retail Sales ( Previous -0.5 % ) is an event to follow.
In Germany, Factory Orders ( Previous -0.5% ) is released at 10:00 GMT.
In the US, Pending Home Sales ( Previous -1.9 % ) and Consumer Credit ( Previous 5.2B ) are events to monitor.
In New Zealand, Unemployment Rate ( Previous 3.4% ) is a notable event to watch. Be aware USD/NZD traders.

On Thursday ( May 8th ) we have the biggest day of the week with the following events:

In Australia, Unemployment Rate ( Previous 4.1% ) is scheduled at 01:30 GMT.
In Switzerland, Unemployment Rate ( Previous 2.5% ) is an event to follow.
In Germany, Trade Balance ( Previous 16.9B ) and Industrial Production ( Previous 0.4% ) are notable events to monitor.
In Euro-Zone, the BoE Interest Rate Statement ( Current 5.00% , at 11:00 GMT) and the ECB Interest Rate Announcement ( Current 4.00%, at 11:45 GMT ) are released in sequence. The president of the ECB Trichet will have a press conference after the release of interest rate at 12:30 GMT. We should keep our eyes open on how the ECB considers the recent value of the EUR and inflationary pressure in the Eurozone.
In the US, Unemployment Claims is scheduled at 12:30 GMT.

On Friday ( May 9th ) we have the 2nd biggetst day of the week with following events:

In Australia, RBA Monetary Policy Statement is scheduled at 01:30 GMT.
In Japan, Leading Index ( Previous 54.5% ) is released at 05:00 GMT.
In Canada, Unemployment Rate ( Previous 6.0% ) and Trade Balance ( Previous 4.9B ) are remarkable events to follow. Be aware USD/CAD traders.
In the US, Trade Balance ( Previous -62.3B ) is a notable event to watch.

Published on  Fri, May 2 2008, 14:48 GMT