By TraderVox.com
Tradervox.com (Dublin) – Last week, the FOMC Meeting Minutes were dovish and signaled Fed’s readiness to print more money spur growth in the country. Despite the lack of a clear date on when such an action will be made, the market reacted and the dollar lost ground against major peers. On the other hand, the ECB readiness for new bond buying program sparked demand for the 17-nation currency. There are seven major events this week that will affect major crosses in the market.
Monday 27
At 0800hrs, the Institute for Economic Research will release the German Ifo Business Climate data in Munich. In its previous release, the German business sentiments declined for the third straight month to 103.2 last month. The business climate in EU and Germany was at a record low in 28 months. Economists are expecting the survey to reveal improved sentiments this time round.
Tuesday 28
The US CB Consumer Confidence report will be released at 1400hrs GMT where economists are expecting a low reading. The US household’s confidence appreciated last month against the market expectation to reach 65.9 as short term improvements were expected in the housing sector.
Wednesday 29
The US GDP report will be the main report on this day, which will be released at 1230GMT. The second quarter result came out as expected, with an annualized growth rate of 1.5 percent. The market is expecting the first revision to be on the upside due to the favorable trade balance figures. On the same day, the US pending Home Sales report will be released at 1400hrs GMT. The housing sector has shown some improvements in the recent time which has provided a very positive outlook for the sector. However, Pending Homes Sales declined in June by 1.5 percent after increasing by more than five percent in the previous month. The market is expecting a rise this time round.
Thursday 30
US Unemployment Claims data will be released at its usual time at 1230hrs. Previous reports has shown signs of stabilization, with the recent figure coming out at 372K. the market is expecting a similar figure this time round.
Friday 31
The Canadian GDP data and Bernanke Talk at Jackson Hole are the main events on this day. Canadian GDP report will be released at 1230hrs where economists expect further expansion to be announced. The Canadian economy expanded at a slower pace in May, recording a 0.1 percent growth down from 0.3 percent growth in April. At 1400hrs Bernanke will talk at Jackson Hole where he is expected to provide hints on the future of monetary policy. The talks at Jackson Hole will be of interest over the weekend as Mario Draghi, the ECB President is also expected to speak but on Saturday.
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