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Weekly Market View

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Soaring Exchange Rates of the Dollar and the Yen

Fri, Oct 24 2008, 13:17 GMT
by Tatsuya Kawanishi

FXstreet.com

High liquidity of the markets remains and we have been seeing the extremely volatile market. 4 majors have shown remarkable price actions. Also the JPY crosses have surprised us. The GBP/JPY sold off sharply towards the support at 138.81. Turmoil in the financial markets seems not like to end any time soon.

This week does have several explosive events. We should keep on paying extra attention to the markets. Alright. Let's review them all. Please note that Fed rate decision is released on Wednesday, The market expectation is 50bp cut to 1.00%.

On Sunday (Oct 26th) Queen's Birthday in New Zealand.

• There is no significant event on Sunday.

On Monday (Oct 27th) Focus on the ISM Manufacturing Index

• In Germany, CPI (Previous -0.1%) and Ifo Business Climate (Previous 992.9) are important events to follow.
• In the Euro zone, M3 money Supply (Previous 8.8%) is released at 09:00 GMT.
• In the U.S. New Home Sales (Previous 460K) is notable events to watch.
• In Japan, Retail Sales (Previous 0.7%) is released at 23:50 GMT.

On Tuesday (Oct 28th) we have the following events to watch:

• In Germany, GfK Consumer Climate is scheduled at 07:00 GMT.
• In the U.S. Consumer Confidence (Previous 59.8) and Richmond Manufacturing Index (Previous -18) are released at 14:00 GMT. Also Treasury secretary Paulson's Tentative Speech is scheduled.
• In New Zealand, Trade Balance (Previous -750M) is released at 21:45 GMT.
• In Japan, Industrial Production (Previous -3.5%) is scheduled at 23:50 GMT.

On Wednesday (Oct 29th) we have the biggest day of the week with the following events:

• In Australia, NBA Quarterly Business Confidence (Previous -8) is an event to follow.
• In the U.K. Mortgage Approval (Previous 32K) is to be taken into account.
• In the U.S. Durable Goods Orders (Previous -4.8%) and Core Durable Goods orders (Previous -3.3%) are released at 12:30 GMT. Later on at 18:15 Fed Interest rate Decision (Current 1.50%) is announced.

On Thursday (Oct 30th) we have the following events to watch:

• Inn New Zealand, NBNZ Business Confidence is released at 02:00 GMT:
• In Germany, Retail Sales (Previous 1.9%) is a notable event to watch.
• In the Euro zone, Consumer Conference (Previous -19) is an event to monitor.
• In the U.S. Gross Domestic Product (Previous 2.8%) is notable event to follow.
• In Japan, several significant events that might generate high volatility for the JPY are released followed by Manufacturing PMI (Previous 44.3), Household Spending (Previous -4.0%) Core CPI (Previous 2.4%) and Unemployment Rate (Previous 4.2%).

On Friday (Oct 31st) we have the 2nd biggest day of the week with following events

• In the U.K. GfK Consumer Confidence (Previous -32) is released at 00:01 GMT.
• In Japan, BoJ Interest Rate Decision (Current 0.50%) is scheduled.
• In the Euro zone, CPI (Previous 3.6%) and Unemployment Rate (Previous 7.5%) are remarkable events to watch.
• In Canada, Gross Domestic Product (Previous 0.7%) is released at 12:30 GMT.
• In the U.S. Core PCE, Chicago PMI (Previous 56.7) and Michigan Consumer Sentiment (Previous 57.5) are important events to watch.

Published on  Fri, Oct 24 2008, 13:27 GMT