Weekly Market View
February 10, 2008After G7
Fri, Feb 8 2008, 14:21 GMT
by Tatsuya Kawanishi
The Week Ahead ( Feb 11th to Feb 15th )
We keep on bracing ourselves up during the week ( Feb 11th to Feb 15th ), though we had a week where a lot of important data was released. On Feb 7th the Bank of England cut the interest rate by 25 bps as the markets expected ( Current 5.25% ), while European Central Bank decided to hold the rates unchanged at 4.00%. The ECB president Trichet concerned about uncertain outlook for the global economy, glimpsing a dovish sign of fear for the downside risks to growth in the Euro-Zone. The EUR/USD fluctuates in the 1.4400 region, meanwhile the USD/JPY has moved up over 100 pips, fluctuating in the 107.00 region. A strong resistance is seen at 107.73.
This week does not have many significant events. However, we should pay extra attention to the markets as we have been still experiencing turmoil in the markets. It is worth noting that the G7 takes place in Tokyo on Feb 9th . Let’s see whether or not the G7 will bring a new dimension to the markets. Alright! Let’s review them all.
On Monday ( Feb 11th ) we have the following events to watch:
In the UK, Trade Balance ( Previous -7.4B ) is a remarkable event to watch. In Canada, New Housing Price Index ( Previous 0.5% ) is released at 13:30 GMT. We do not have further significant events on Monday.
On Tuesday ( Feb 12th ) we have the following events to watch:
In the UK, Consumer Price Index ( Previous 2.1% ), Core Consumer Price Index ( Previous 1.4% ) and Retail Price Index ( Previous 4.0% ) are notable events to follow. These events are released at 09:30 GMT. In Germany, ZEW Economic Sentiment ( Previous -41.6 ) is to be taken into account. In Australia, WMI Consumer Sentiment ( Previous -8.3% ) is scheduled at 23:30 GMT.
On Wednesday ( Feb 13th ) we have the biggest day of the week with the following events:
In Japan, Houesehold Confidence ( Previous 38.0 ) is schedulded at 5:00 GMT. In the UK, Unemployment Rate ( Previous 5.3%) is remarkable event to monitor. In the Euro-Zone, Industrial Production ( Previous -0.5% ) is released at 10:00 GMT. In the US, Retail Sales ( Previous 0.2%) and Core Retail Sales ( Previous 0.2% ) are the biggest events of the week. These events may generate high volatility for the USD against the other majors. In Japan, GDP ( Previous 0.4% ) is released at 23:50 GMT.
On Thrsday ( Feb 14th ) we have the following events to watch:
In Australia, Unemployment Rate ( Previous 4.3% ) is released at 00:30 GMT. In Japan, Industrial Production ( Previous 1.4% ) is scheduled at 04:30 GMT. In Germany, GDP ( Previous 0.7% ) is a notable event to follow. In the Euro-Zone, GDP ( Previous 0.7% ) is released at 10:00 GMT. In Canada, Trade Balance ( Previous 3.7B ) is an improtant event to watch. Be aware CAD traders. In the US, Trade Balance is ( Previous -63.1B ) should be taken into account. In New Zealand, Retail Sales ( Previous 2.0% ) and Core Retail Sales ( Previous 0.9% ) are notable events to watch.
On Friday ( Feb 15th ) we have the following events to watch:
In Japan, Interest Rate Announcement ( Current 0.50%) is a notable event to watch. The governor Fukui will have a press conference after the release of interest rate. We should keep eyes open on how the BoJ considers the recent value of JPY against the USD. In the Euro-Zone, Trade Balance ( previous 2.7B) is a notable event to watch. In the US, Industrial Production ( previous 0.0%), Capacity Utilization ( 78.4%) and Consumer Sentiment ( Previous 78.4 ) are important events to follow.
