By Michael Trinkle, ForexTraders Key Fundamental Forex Events for the Week of December 5th through December 9th The following table lists the key economic data and other events that came out during the week of December 5th through December 9th, with release times displayed for the GMT time zone. The list also indicates how much each release deviated from the market consensus forecast upon release, as well as what the affected major currency pair or pairs did after each event or set of events. Monday, December 5th
12:30am AUD ANZ Job Advertisements 0.0% versus last -0.7%. The AUD rose. 9:30am GBP Services PMI 52.1 versus 50.6 expected. The GBP rose. 3:00pm USD ISM Non-Manufacturing PMI 52.0 versus 53.6 expected. The USD mostly fell.
Tuesday, December 6th
3:30am AUD Cash Rate 4.25%, as expected. 3:30am AUD RBA Rate Statement. Governor Glenn Stevens noted that, “The sovereign credit and banking problems in Europe, to which European governments are still seeking to craft a full response, are likely to weigh on economic activity there over the period ahead. Financial markets have experienced considerable turbulence, and financing conditions have become much more difficult, especially in Europe.” The AUD fell. 8:00am CHF Foreign Currency Reserves 229.3B versus last 242.7B. 8:00am GBP Halifax HPI -0.9% versus last 1.2%. The GBP fell. 8:15am CHF CPI -0.2% versus 0.1% expected. The CHF fell. 1:30pm CAD Building Permits 11.9% versus 3.2% expected. 2:00pm CAD BOC Rate Statement noted that, “In Canada, the economic expansion is proceeding largely as projected, although the expected rotation of demand is somewhat slower than had been anticipated. Household spending remains solid and business investment robust. Net exports remain weak, reflecting modest U.S. demand and ongoing competitiveness challenges, particularly the persistent strength of the Canadian dollar. Despite increased global risk aversion, financial conditions in Canada remain very stimulative and private credit growth is strong.” 2:00pm CAD Overnight Rate 1.00%, as expected. 3:00pm CAD Ivey PMI 59.9 versus 55.1 expected. The CAD rose.
Wednesday, December 7th
12:30am AUD GDP 1.0% versus 1.2% expected. The AUD rose. 9:30am GBP Manufacturing Production -0.7% versus -0.1% expected. The GBP rose. 8:00pm NZD Official Cash Rate 2.50%, as expected. 8:00pm NZD RBNZ Press Conference. Deputy Governor Grant Spencer said that, “Covered bonds can provide banks with access to a stable funding source, which helps support system stability during times of severe disruption in international markets.” 8:00pm NZD RBNZ Rate Statement. Governor Alan Bollard noted that, “Global developments are having some negative impact on New Zealand, though to date it has been limited. Business confidence has declined and investment spending is likely to remain weak for some time.” The NZD was unchanged.
Thursday, December 8th
12:30am AUD Employment Change -6.3K versus 10.6K expected. 12:30am AUD Unemployment Rate 5.3% versus 5.2% expected. The AUD fell. 12:00pm GBP Asset Purchase Facility 275B, as expected. 12:00pm GBP Official Bank Rate 0.50%, as expected. The GBP fell. 12:45pm EUR Minimum Bid Rate 1.00%, as expected. 1:15pm CAD Housing Starts 181K versus 203K expected. The CAD fell. 1:30pm EUR ECB Press Conference. President Mario Draghi stated that, “The intensified financial market tensions are continuing to dampen economic activity in the euro area and the outlook remains subject to high uncertainty and substantial downside risks. In such an environment, cost, wage and price pressures in the euro area should remain modest over the policy-relevant horizon.” The EUR fell. 1:30pm USD Weekly Initial Jobless Claims 381K versus 397K expected. The USD rose overall.
Friday, December 9th
1:30am CNY CPI 4.2% versus 4.6% expected. All Day EUR EU Economic Summit. German Chancellor Merkel stated that, “This is a breakthrough to a union of stability. The fiscal union will be developed step by step. We will use the crisis as a chance for a new beginning.” The EUR rose. 9:30am GBP PPI Input 0.1% versus 0.3% expected. The GBP rose slightly. 1:30pm CAD Trade Balance -0.9B versus 0.8B expected. The CAD rose slightly. 1:30pm USD Trade Balance -43.5B, as expected. 2:55pm USD Preliminary University of Michigan Consumer Sentiment 67.7 versus 65.6 expected. The USD fell.
Technical Recap for the Majors This Week EURUSD: Forecast: Mildly LowerActual: Mildly lower from a 1.3422 open to a 1.3352 close. USDJPY: Forecast: Mildly HigherActual: Mildly lower from a 78.03 open to a 77.65 close. GBPUSD: Forecast: Mildly LowerActual: Mildly lower from a 1.5624 open to a 1.5623 close. AUDUSD: Forecast: Mildly LowerActual: Mildly lower from a 1.0252 open to a 1.0172 close. USDCAD: Forecast: Mildly HigherActual: Mildly higher from a 1.0165 open to a 1.0222 close. NZDUSD: Forecast: Mildly LowerActual: Mildly lower from a 0.7809 open to a 0.7720 close. More articles from ForexTraders….