Major Forex Events This Week

By TraderVox.com

Tradervox.com (Dublin) – The risk-off mood returned to the market as the expected solutions from the EU Summit did not materialize. Greece is still asking for more cash as Spain plays around with the bailout request. After losing most of the week, the yen and the dollar gained at the close of the week as commodity related currencies dropped as the risk appetite waned. Here is a brief overview of the major events to look out for this week.

Tuesday 23

The first major event will be on Tuesday  and it will be in Canada. The Canadian rate decision will be announced at 1300hrs GMT and the market is expecting the Bank of Canada to keep the current interest rate of one percent, extending it for the 16^th month in a row. Mark Carney, the BOC Governor has indicated that the next statement will concentrate on the slow global economic recovery, dampening speculations of rate hike.

Wednesday 24

There are five major events across the markets on this day. The first major event will be the Euro Zone German Ifo Business Climate report which will be released at 0800hrs GMT. The September reading declined to 101.4 from the previous level of 102.3, making it the fifth month of decline in a row. The market is expecting a small increase to 101.9 this time round. The other event, still from euro zone will be the Mario Draghi speech which will be made at 1200hrs GMT. The ECB president is expected to touch on the bond buying program as well as speak about Spain and Greece.

From the US, the US New Home Sales data will be released at 1400hrs GMT and the market is expecting an increase to 386k sales. The sales were up by 27.7 percent last month to 374k. The other report from the US will be the US FOMC Statement which will be released at 1815hrs GMT.  The market is expecting a deal to be announced in the last moments as the fiscal cliff takes its toll. Lastly, the New Zealand rate decision will be made at 2000hrs GMT on the same day. The market does not expect any change in the monetary policy as well as interest rate.

Thursday 25

At 0830hrs GMT, the UK GDP data will be released.  With a contraction in the second quarter of 0.4 percent, the market is expecting the GDP to grow by 0.6 percent in the third quarter as the effects of the Olympics are felt. The US Core durable goods orders report will be released at 1230hrs GMT where an increase of 0.7 percent is expected. The other major report will be the US Unemployment Claims data which is expected to decline to 366k after rising to 388k last week from 342k the previous week. The US Pending Home Sales will be released at 1400hrs and an increase of 2.1 percent is expected.

On Friday, the US Advance GDP will be the major event and the report will be released at 1230hrs GMT. The US GDP is expected to have grown by 1.8 percent in the third quarter.

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