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Weekly Market View

The ECB Shows A Hawkish Tone

Fri, May 9 2008, 12:14 GMT
by Tatsuya Kawanishi

FXstreet.com

On May 8th, both the Bank of England and the European Central Bank decided to hold the rates unchanged at 5.00% and 4.00% respectively. The ECB president Trichect's comments seemed a bit more on the hawkish side, which had bullish impact on the EUR. The EUR/USD has moved upwards over 100 pips, currently above the 1.5450 level ( 09:00 GMT, May 9 ), while the USD/JPY fell down to the 103.00 region. We keep on paying close attention to the markets during the week ( May 11th to May 16th ) as many siginificants events are scheduled. Let's go over them.

On Sunday ( May 11th) we have the following events to watch:

There is no significant event on Sunday

On Monday ( May 12th) we have the following events to watch:

In Japan, Machine Tool Orders ( Previous 3.3% ) are scheduled at 06.00 GMT
In the UK, Trade Balance ( Previous -7.5B ) and BRC Retail Sales Monitor ( Previous -1.6% ) are remarkable events to watch.
In Canada, New Housing Price Index ( Previous 0.3% ) is scheduled at 12:30 GMT.
In New Zealand, Food Price Index ( Previous 0.7% ) is released at 22:45 GMT.

On Tuesday ( May 13th ) we have the following events to watch:

In the UK, CPI ( Previous 2.5% ), Core CPI ( Previous 1.2% ), and Retail Price Index ( Previous 3.8% ) are notable events to monitor. These events are released all together at 08:30 GMT.
In the US, Retail Sales ( Previous 0.2%) and Core Retail Sales ( Previous 0.1% ) are remarkable events, followed by Import Price Index ( Previous 2.8%) that may generate moderate volatility for the USD.
In Japan, Both Corporate Goods Price Index ( Previous 3.9% ) and Current Account ( Previous 1.46T ) are released at 23:50 GMT.

On Wednesday ( May 14th) we have the following events to watch:

In Australia, WMI Consumer Sentiment (Previous -1.3% ) is an event to monitor.
In the UK, Unemployment Rate ( Previous 5.2% ) is a notable event to watch.
In the Euro-Zone, Industrial Production ( Previous 0.3% ) is released at 09:00 GMT.
In the US, Consumer Price Index ( Previous 0.3% ) and Core Consumer Price Index ( Previous 0.2%) are remarkable events to follow.
In New Zealand, both Retail Sales ( Previous -0.7% ) and Core Retail Sales ( Previous 0.2% ) are schedulded at 22:45 GMT.

On Thursday ( May 15th ) we have the biggest day of the week with the following events:

In Switzerland, Consumer Climate ( Previous 14 ) is released at 05:45 GMT.
In Germany, Gross Domestic Product and Consumer Price Index ( Previous -0.2% ) are notable events to follow.
In the Eurozone, Gross Domestic Product ( Previous 0.4% ), Consumer Price Index ( Previous 3.6% ), and Core Consumer Price Index ( Previous 2.0% ) are important events to watch. These events are released all together at 09:00 GMT.
In the US, there are significant events that might generate high volatility for the USD against the other majors, namely Empire State Business Condition Index ( Previous 0.6 ), Unemployment Claims, Industrial Production ( Previous 0.3% ), and Philadelphia fed manufacturing Index ( Previous -24.9 ).
In New Zealand, Producer Price Indexes Input ( Previous 1.3% ) and Output ( Previous 1.5% ) are scheduled at 22:45 GMT.
In Japan Gross Domestic Product ( Previous 0.9% ) is released at 23:50 GMT.

On Friday ( May 16th ) we have the following events to watch:

In Japan, Industrial Production ( Previous -3.1% ) and Houesehold Confidence ( Previous 36.7) are events to minitor. In Switzerland, Retail Sales ( Previous 3.3% ) is released at 07:15 GMT.
In the Eurozone, Trade Balance ( Previous 2.1B ) is a notable event to watch.
In the US, Building Permits ( Previous 928K ), Housing Starts ( Previous 947K ), and Consumer Sentiment ( Previous 62.6 ) are important events to follow.

Published on  Fri, May 9 2008, 12:22 GMT

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