Weekly Market View
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Historically low interest rates to boost economic recovery
Mon, Jan 12 2009, 09:16 GMT
by Guillermo Alcalá
FXstreet.com
The week we leave behind has reminded us the negative economic moment we are going through, a situation with complicated solutions, we have seen some example this week, namely in England with the BoE cutting interest rates once again, to 1.5% this time, the lowest Bank Rate since the bank started to set monetary policy in 1694.
In the Euro Area economy continues looking gloomier and gloomier, with unemployment figures rising at a fast pace and industrial production declining as fast. Germany, the main economy in the Euro area has seen evidence of the decline of its Industrial sector, manufacturing production declines continuously, and factory orders have weakened to historically low levels.
The situation in the U.S. does not show any considerable improvement. The FOMC minutes have described the current situation in rather negative terms, and the employment report this week has confirmed the worst expectations, 2008 has closed with a loss of 2.3 million jobs in the U.S., the wo4rst number since 1945.
next week we have several important indicators, focus will be, mainly in the ECB's monetary policy decision on Thursday, the bank lending key rate in the Euro Area is now at 2.5% and rumour has that the ECB could follow the BoE and trim rates by some 50 b.p. in yet another attempt to kick start economy.
U.S. retail sales will be published on Wednesday, an important indicator to assess the impact of the whole economic downturn upon consumption
Monday January 12th
- 15:30 Canada Bank of Canada Business Outlook Survey - December
- 23:50 Japan Trade Balance - BOP Basis - November (Previous: ¥1113.2B)
- 23:50 Japan Adjusted Current Account - November (Previous: ¥145B)
Tuesday January 13th
- 00:01 United Kingdom BRC Retail Sales Monitor - All - December (Previous: -2.6%)
- 09:30 United Kingdom Goods Trade Balance - November (Previous: -£7.8B)
- 09:30 United Kingdom Total Trade Balance - November (Previous: -£3.9B)
- 13:00 United States Bernanke speaks at London School of Economics
- 13:30 Canada International Merchandise Trade - December (Previous: $3.78B)
- 13:30 United States Trade Balance - November (Previous: -$57.1B)
- 21:45 New Zealand Building Permits - November (Previous: -21.9%)
Wednesday January 14th
- 10:00 European Monetary Union Industrial Production w.d.a. - November (Previous: -5.3% y/y)
- 13:30 United States Import Price Index - December (Previous: -6.7% m/m; 4.4% y/y)
- 13:30 United States Retail Sales - December (Previous: -1.8% m/m; Ex Autos -1.6%)
- 19:00 United States Fed's Beige Book
- 23:50 Japan Core Machinery Orders - November (Previous: -4.4%)
Thursday January 15th
- 00:30 Australia Unemployment Rate - December - (Previous: 4.4%)
- 07:00 Germany Consumer Price Index - December (Previous: -0.5% m/m; 1.4% y/y)
- 09:00 European Monetary Union Consumer Price Index - December (Previous: -0.5% m/m; 2.1% y/y)
- 12:45 European Monetary Union ECB Interest Rate Decision (Previous: 2.5%)
- 13:30 European Monetary Union ECB Trichet's Speech
- 13:30 United States NY Empire State Manufacturing Index - December (Previous: -25.76)
- 13:30 United States Producer Price Index - December (Previous: -2.2% m/m; 0.4% y/y)
- 15:00 United States Philadelphia Fed Manufacturing Survey - January (Previous: -32.9%)
Friday January 16th
- 00:30 Japan BoJ's Governor Shirakawa Speech
- 08:15 Switzerland Producer and Import Prices - December (Previous: -1.4% m/m; 1.1% y/y)
- 10:00 European Monetary Union Trade Balance n.s.a. - November (Previous: €0.9B)
- 13:30 United States Consumer Price Index - December (Previous: -1.7% m/m; core CPI: 0.0% m/m; 2.0% y/y)
- 14:00 United States Net Long-term TIC Flows - November (Previous: $1.5B)
- 14:15 United States Industrial Production - December (Previous: -0.6% m/m)
- 15:00 United States Reuters/Michigan Consumer Sentiment Index Preliminary - January (Previous: 60.1)
Published on
Mon, Jan 12 2009, 09:17 GMT
Archive
- Historically low interest rates to boost economic recovery
Published On Mon, Jan 12 2009, 09:16 GMT
- Historically low interest rates to boost economic recovery
Published On Fri, Jan 9 2009, 15:41 GMT
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