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Keep your eyes open for the central banks' interest rate decisions and the big Non−Farm Payrolls

Fri, May 30 2008, 14:46 GMT
by Tatsuya Kawanishi

FXstreet.com

This week does have several explosive events. On schedule , we have the central banks' interest rate decisions, followed by the RBA, the RBNZ, the BoE and the ECB. Furthermore, significant events are also released such as ISM manufacturing index, U.S. factory orders, and Eurozone retail sales, and Canadian unemployment rate and the big nonfarm payrolls.We should keep on paying extra attention to the markets. Alright. Let's review them all.

On Sunday (Jun 1st) Queen's Birthday in New Zealand.

• In Australia, Manufacturing PMI (Previous 52.7) is released at 23:30 GMT. The Index is expected to generate low volatility for the AUD.

On Monday (Jun 2nd) Focus on the ISM Manufacturing Index

• In Australia, Retail Sales (Previous 0.5% is released at 01:30 GMT.
• In Switzerland, Gross Domestic Product (Previous 1.0%) scheduled at 05:45GMT.
• In the U.K. Manufacturing PMI (Previous 51.0) is a notable event to follow.
• In the U.S. ISM Manufacturing Index (Previous 48.6) is a remarkable event to watch.

The Index considered as an early indicator for the nonfarm payrolls is one of the biggest economic events that could generate high volatility for the USD.

On Tuesday (Jun 3rd) we have the following events to watch:

• In Australia, the RBA Intersest Rate Announcement (Current 7.25%) is scheduled at 04:30 GMT. The markets exptect “unchanged”. Be aware USD/AUD traders.
• In Switzerland, Consumer Price Index (Previous 0.8 %) is scheduled at 05:45 GMT.
• In the Eurozone, GDP (Previous 0.7%) is an important event to watch.
• In the U.S. Factory Orders (Previous 1.3%) is a notable event to monitor.
• In the U.K, Consumer Confidence (Previous 70) is released at 23:01GMT.

On Wednesday (Jun 4th) we have the following events to watch:

• In Australia, GDP (Previous 0.6 %) is released at 01:30 GMT.
• In the Euro-Zone, Retail Sales (Previous -0.1 %) is an event to follow.
• In New Zealand, the RBNZ Interest Rate Decision ( Current 8.25% ) is released at 20:00 GMT.

Be aware USD/NZD traders.

• In the UK, BRC Shop Price Index ( Previous 1.2% ) is scheduled at 10:30 GMT.
• In the US, ADP Nonfarm Employment Change (Previous 10K) is a remarkable event to follow. This event could serve as an indiator for the big nonfarm payrolls as well.

On Thursday (Jun 5th) we have the biggest day of the week with the following events:

• In Australia, Trade Balance (Previous -2.7B) is scheduled at 01:30 GMT.
• In Switzerland, Unemployment Rate (Previous 2.6%) is an event to follow.
• 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 inflationary pressure in the Eurozone and the recent value of the EUR.

• In Canada, Ivey PMI is released at 14:00 GMT.

On Friday (Jun 6th) we have the 2nd biggetst day of the week with following events

• In Germany, Industrial Production (Previous -0.5%) is an important event to monitor.
• In Canada, Unemployment Rate (Previous 6.1%) is a notable event to watch.
• In the US, the Unemployment Rate (Previous 5.0%), Non-Farm Payrolls (the NFP. Previous -20K), the Average Hourly Earnings (Previous 0.1%) and the Average Weekly Earning are the events to watch, especially the "Non-Farm payrolls (NFP)", which is expected to generate excessive volatility for the USD against the other majors.

All of the events are released at 12:30 GMT.

Published on  Fri, May 30 2008, 14:49 GMT