By Michael Trinkle, ForexTraders Key Fundamental Forex Events for the Week of December 26th through December 30th The following table lists the key economic data and other events that came out during the week of December 26th through December 30th, 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 26th
11:50pm JPY Monetary Policy Meeting Minutes noted that, “At the unscheduled Monetary Policy Meeting held today, the Bank of Japan, in cooperation with the aforementioned central banks, decided to take measures to address recent pressures in global money markets. Specifically, interest rates on the fixed-rate U.S. Dollar funds-supplying operations currently conducted by the Bank of Japan will be reduced by 0.5 percentage points, for operations conducted from December 5.” The JPY rose slightly.
Tuesday, December 27th
7:00am CHF UBS Consumption Indicator 0.81 versus last 0.91. The CHF rose slightly. 2:00pm USD S&P/CS Composite-20 HPI -3.4% versus -3.2% expected. 3:00pm USD CB Consumer Confidence 64.5 versus 58.5 expected. The USD fell overall. 11:30pm JPY Household Spending -3.2% versus -1.1% expected. 11:30pm JPY Tokyo Core CPI -0.3% versus -0.4% expected. 11:50pm JPY Preliminary Industrial Production -2.6% versus -0.7% expected. 11:50pm JPY Retail Sales -2.3% versus 0.1% expected. The JPY rose.
Wednesday, December 28th
1:30am JPY Average Cash Earnings -1.0% versus 0.1% expected. The JPY fell. 10:30am CHF KOF Economic Barometer 0.01 versus 0.25 expected. The CHF fell. Tentative USD Treasury Currency Report noted that, “China’s long-standing pattern of reserve accumulation, the persistence of its current account surplus and the incomplete appreciation, especially given rapid productivity growth in the traded goods sector, indicate that the real exchange rate of the renminbi is persistently misaligned and remains substantially undervalued.” The USD rose.
Thursday, December 29th
All Day EUR German Preliminary CPI 0.7% versus 0.8% expected. 9:00am EUR M3 Money Supply 2.0% versus 2.5% expected. The EUR rose. 1:30pm USD Unemployment Claims 381K versus 370K expected. 2:45pm USD Chicago PMI 62.5 versus 60.4 expected. 3:00pm USD Pending Home Sales 7.3% versus 1.4% expected. 4:00pm USD Crude Oil Inventories 3.9M versus last -10.6M. The USD was mixed.
Friday, December 30th
12:30am AUD Private Sector Credit 0.3%, as expected. The AUD rose. 2:30am CNY HSBC Final Manufacturing PMI 48.7 versus last 49.0. 7:00am GBP Nationwide HPI -0.2% versus 0.3% expected. The GBP rose.
Technical Recap for the Majors This Week EURUSD: Forecast: LowerActual: Mildly lower from a 1.3046 open to a 1.2981 close. USDJPY: Forecast: Mildly HigherActual: Mildly lower from a 77.99 open to a 77.07 close. GBPUSD: Forecast: Mildly LowerActual: Mildly lower from a 1.5596 open to a 1.5540 close. AUDUSD: Forecast: HigherActual: Mildly higher from a 1.0158 open to a 1.0209 close. USDCAD: Forecast: Mildly LowerActual: Mildly lower from a 1.0210 open to a 1.0161 close. NZDUSD: Forecast: HigherActual: Mildly higher from a 0.7734 open to a 0.7805 close. More articles from ForexTraders….