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Weekly Market View

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Jeopardizing the Foundation of the World Economy

Fri, Nov 7 2008, 15:38 GMT
by Tatsuya Kawanishi

FXstreet.com

We have had a turbulent week, haven't we? 500 point drop on the Dow Dow Jones Industrial Average was the biggest decline in Post-Election Day history for the U.S. On Nov 6th, It was surprising that the Bank of England decided to cut the interest rate by 150bps to 3.00% much more than expectations. On the same day the European Central Bank cut its key interest rate by 50bps to 3.25%. On Nov 7th the “Big” NFPs was -240K (vs forecast -200k) and the U.S unemployment rate was 6.5% that is the highest since March 1994. The global economy might need some more time to get on track to recovery on its own.

Alright! We keep on paying close attention to the markets during the week (Nov 9th to Nov 14th ) where there are many significant events are scheduled. Let's review them all.

On Sunday (Nov 9th) we have the following events to watch:

• It is worth noting that G 20 Meeting takes place in Brazil.
• There is no significant event on Sunday

On Monday (Nov 10th) we have the following events to watch:

• In Australia, RBA Monetary Policy Statement is scheduled at 00:30 GMT. Be aware AUD/USD traders.
• In the U.K. PPI Input (Previous -1.2%) and PPI Output (Previous -0.3%) are notable events to follow.
• In Canada, Housing Starts (Previous 218K) is an event to monitor.
• In the Euro zone, Trichet will have a press conference at 15:30 GMT.
• In Japan, Current Account (Previous 0.90T) is released at 23:50 GMT.

On Tuesday (Nov 11th ) we have the following events to watch:

• In the U.K. BRC Retail Sales Monitor (Previous -1.5%) and Trade Balance (Previous -8.2B) are notable events to follow.
• In Australia, NAB Business Confidence (Previous -8) and Westpac Consumer Sentiment are to be taken into account.
• In Germany, ZEW Economic Sentiment (Previous -63.0) is a remarkable event to watch.
• In the Euro zone, ZEW Economic Sentiment (Previous -62.7) is released at 10:00 GMT.

On Wednesday (Nov 12th) we have the following events to watch:

• In Japan, Household Confidence (Previous 31.4) is an event to follow.
• In the UK, Unemployment Rate (Previous 5.7%) and the BoE Inflation Letter are notable events to monitor.
• In New Zealand, both Retail Sales (Previous 0.4%) and Core Retail Sales (Previous 0.8%) are scheduled at 21:45 GMT.

On Thursday (Nov 13th ) we have the following events to watch:

• In Japan, Industrial Production (Previous 1.2%) is released at 04:30 GMT.
• In Switzerland, SECO Consumer Climate (Previous -17) is released at 06:45 GMT.
• In Germany, Gross Domestic Product (Previous -0.5%) is a notable events to follow.
• In Switzerland, Producer Price Index (Previous -0.5%) is an event to monitor.
• In Canada, Trade Balance (Previous 5.8B) is released at 13:30 GMT.
• In the U.S. Trade Balance (Previous -59.1B) is a remarkable event to follow.

On Friday (Nov 14th ) we have the biggest day of the week with the following events:

• In Germany, Consumer Price Index (Previous -0.2%) is an important event to watch.
• In the Euro zone, Gross Domestic Product (Previous -0,2%), Consumer Price Index (Previous 3.2%), and Core Consumer Price Index (Previous 1,9%) are significant events to watch. These events are released all together at 10:00 GMT.
• In the US, there are significant events that might generate high volatility for the USD against the other majors, namely Retail Sales (Previous -1.2%), Core Retail Sales (Previous 0.6%), Import Price Index (Previous -3.0%) and Michigan Consumer Sentiment (Previous 57.6) . In addition, the Fed Chairman Bernanke's speech at 14:00 GMT should be taken into account.

Published on  Fri, Nov 7 2008, 15:44 GMT