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Weekly Market View

The Market Is At The Mercy of Oil Prices

Mon, Jul 14 2008, 07:22 GMT
by Tatsuya Kawanishi

FXstreet.com

The U.S. Treasury Secretary, Paulson said stabilization of the financial system would require some more time while the Fed Chairman Bernanke emphasized that financial turmoil was an ongoing issue. Dovish comments from the 2 authorities dragged down the USD. Also,the recent restless oil prices have had a large impact on the USD. WTI oil prices have hit a fresh record-high above $146.00 a barrel. The global economy faces a challenging situation.

The week has several significant events. On schedule we have the central banks' interest rate decisions, CPIs from major countries, and FOMC meeting Minutes. We shall keep paying close attention to the markets. Okay! Let's review them all.

On Sunday (July 13th) we have the following events to watch:

• In New Zealand, Retail Sales and Core Retail Sales are released at 22:45 GMT:
• There is no further event on Sunday.

On Monday (July 14th) we have the following events to watch:

• In the Euro Zone, Industrial production (Previous 0.9%) is to be taken into account.
• In New Zealand, Consumer price Index (Previous 0.7%) and Food Index are released at 22:45 GMT.
• In the U.K. RICS House Price Index (Previous -92.9%) BRC Retail Sales Monitor are scheduled at 23:01 GMT.

On Tuesday (July 15th) we have the following events to watch:

• In Japan, the BoJ Interest Rate Decision (Current 0.50%) is to be taken into account. Let's see how the BoJ considers the recent Japanese economic situation.
• In the U.K. CPI, Core CPI, PPI Input and PPI Output are notable events to watch.
• In Germany, ZEW Economic Sentiment (Previous -52.4) is an important event to monitor.
• In the Euro Zone, ZEW Economic Sentiment (Previous -52.7) is released at 09:00 GMT.
• In the U.S. These remarkable events such as Retail Sales, Core Retail Sales, PPI, Core PPI and Empire State Manufacturing Index (Previous -8.7) are released all together at 12:30 GMT. The events would generate high volatility for the USD against the other majors.
• In Canada, the BoC Interest Rate Decision (Current 3.00%) is announced at 13:00 GMT. Be aware CAD traders.

On Wednesday (July 16th) we have the biggest day of the week with the following events:

• In Australia, WMI Leading Index (Previous 0.4% ) is scheduled at 00:30 GMT.
• In Germany, CPI (Previous 0.6%) is notable event to follow.
• In Switzerland, Retail Sales is released at 07:15 GMT.
• In the UK, Average Earnings Index (Previous 3.8%9 and Unemployment Rate are remarkable events to follow.
• In the Euro Zone, CPI and Core CPI (Previous 1.7%) are released at 09:00 GMT.
• In the U.S. CPI, Core CPI, and Crude Oil Inventories are notable events to monitor. Later on, FOMC meeting Minutes of the last meeting are released at 18:00 GMT. We carefully watch what economic outlook the Fed has. The content of the meeting may generate a good deal of volatility for the Fed against the major currencies.

On Thursday (July 17th) we have the following events to watch:

• In Switzerland, ZEW Expectations (Previous -63.8) is released at 09:00 GMT.
• In the US, Housing Starts (Previous 975K) and Building Permits (Previous 969K) are released at 12:30 GMT. Later at 14:00 GMT, Philadelphia Fed Manufacturing Index (Previous -17.1) is a remarkable event to watch.
• In Japan, the BoJ Minutes of the last meeting are released at 23:50 GMT. We carefully watch what economic outlook the BoJ has.

On Friday (July 18th) we have the following events to watch:

• In Australia, Import Price Index (Previous 2.7%) is an event to watch.
• In Germany, Producer Price Index is scheduled at 06:00 GMT.
• In the Euro Zone, Trade Balance is released at 09:00 GMT.
• In Canada, Leading Indicators (Previous 0.2%) is an event to monitor.

Published on  Mon, Jul 14 2008, 07:22 GMT

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