Major Foreign Exchange Events This Week

By TraderVox.com

Tradervox.com (Dublin) – The greenback has regained some of the losses it has encountered since the announcement of third round of quantitative easing with impressive performance against the euro last week. This is the last week of the month and the dollar looks set to consolidate some of the gains it has made last week. Here is a brief overview of the seven major reports this week that will affect the market.

Monday 24

At 0800hr GMT, the market will receive the Euro Zone German Ifo Business Climate report. This has been a much awaited report as it is will set the mood for the week. The report had indicated a drop in the last four months with results in August coming in at 102.3 from 1.03.2 registered in July. With the announcement of the bond buying program and the general progress made by global central banks to avert a possible global economic slowdown, the report is expected to rise marginally to 103.0 this time round.

Tuesday 25

The major event this day will be the US CB Consumer Confidence data which will be released at 1400hrs GMT. The report showed a decline in August, registering 60.6 points from a July level of 65.4. Concerns about the job market are the main driving force of this indicator and currently the job market is not performing as would be expected. The market is predicting an increase to 63.2 this time round.

Wednesday 26

The US New Home Sales report will be the major report. Report for July showed an increase to 3.6 percent to reach 372,000 units after a good showing the previous month where it reached 359k. The housing market is the best performing sector in the US and is providing a ray of hope in the economy plagued by poor job market. The market is predicting a rise to 381k this time round.

Thursday 27

There are three major events on this day, all from the US. The first will be the Unemployment claims which will be released at 1230hrs GMT. People seeking claims dropped in the previous week less than the market had predicted, dropping to 382k claims from 385k the previous week. The market expects a report on this day to show last week’s jobless claims dropped to 377,000. At the same time, the US core Durable Goods order report will be released where a gain of 0.5 is expected. The US Pending Home Sales will be the last major report released at 1400hrs. The market is expecting a decline of 0.4 percent.

Friday 28

At 1230hrs, the market will be waiting for the Canadian GDP report. The previous report had indicated a rise by 0.2 percent in Real GDP in June after it increased by 0.1 percent in May. The gross domestic product is expected to expand by 0.2 percent this time.

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