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14:46 2007/11/02
Remains in a Tense Situation
The Week Ahead (Nov 5th to Nov 9th) On Oct 31st the Fed cut the interest rate by 25 bps as the markets expected. FOMC showed a hawkish outlook that the 25bps cut would balance the upside risks to inflation with the downside risks to growth in the U.S led by the credit crunch. Does the fed really have the hawkish outlook, or still sit on the fence between a hawkish side or a dowvish side, figuring out the next step? EUR/USD hit a reacord hight at 1.4508 just after the Fed announcement. We have been still experiencing turmoil in the markets. We keep on being moved by the US economy, don't we?
This week (Nov 5th to Nov 9th) has many significant events followed by Germany Factory orders, RBA rate decision, UK Consumer Confidence, the BoE and the ECBannouncing their interest rate decisions, and US Trade Balance. We can not afford to miss these economic events scheduled during the week. Alright! let's review them all. On Monday (Nov 5th ) we have the following events to watch: - In Switzerland, Unemployment Rate is scheduled ( previous 2.7%)
- In the UK, Industrial Production ( previous -0.1%) and Manufacturing Production (previous 0.4%) should be taken into account. NSER GDP Estimate is highly reliable and can influence the U.K.monetary policy ( previous 0.7%).
On Tuesday (Nov 6th) we have the following events to watch: - In Euro-Zone, Retail Sales ( previous 0.1%) and Producer Price Index ( previous 0.1%) are notable events to watch.
- In Germany, Factory orders is a notable event to watch ( previous 1.2%).
- In Canada, Building Permits and Ivey PMI are important events. Be aware USD/CAD traders.
- In Australia, RBA Intersest Rate Announcement is scheduled at 21:30 GMT.
- In the UK, Consumer Confidence is to be taken into account.
- In Australia, Business Confidence is an event to monitor. Be aware AUD traders.
On Wednesday (Nov 7th) we have the following events to watch:- In Germany, Industrial Production ( previous 1.7%) is an important event to watch.
- In Oceania, the Austrailan Unemployment Rate ( previous 4.2%) and New Zealand??s Unemployment Rate ( previous 3.6%) are scheduled.
On Tursday (Nov 8th) we have the following events to watch: - In Switzerland, Unemployment Rate ( previous 2.6%) is an event to follow.
- In Germany, Trade Balance ( previous 14.1B) is a notable event to watch.
- In Euro-Zone, the BoE Interest Rate ( current 5.75%) Statement (11:00 GMT) and the ECB Interest Rate ( current 4.00%) Announcement (11:45) are released in sequence.
- The president of the ECB Trichet will have a press conference after the release of interest rate at 12:30GMT. We should keep our eyes open on how the ECB considers the inflationary pressure on the European economy.
On Friday (Nov 9th) we have the biggest day of the week with the following events: - In UK, Trade Balance ( previous -6.9%) is an event to follow.
- In US, Trade Balance ( previous -57.6B) and Consumer Sentiment ( previous 80.9) are notable events to watch. These events may generate a good deal of volatility for the USD against the other mejor currencies.
- In Canada, Trade Balance ( previous 4.1B ) should be taken into account. USD/CAD traders be aware.
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