Forex, Market Reports

Forex MarketWatch Weekly Outlook for September 23rd, 2019

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Graphic for MW Outlooks

EDITORS-IN-CHIEF:

Jay and Julie Hawk

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ECONOMIC SUMMARY

The economic calendar continues to be active this week, and its highlights begin with EU PMI numbers and a speech by ECB President Draghi on Monday. Tuesday then features speeches by BOJ Governor Kuroda and RBA Governor Lowe, in addition to the release of the U.S. CB Consumer Confidence index.

Wednesday’s highlights include the RBNZ’s Official Cash Rate Decision and Rate Statement, followed by U.S. Crude Oil Inventories. Thursday then features U.S. Final GDP and the FOMC Press Conference, as well as speeches by ECB President Draghi and BOE Governor Carney.

Friday’s key releases include Core Durable Goods Orders and Personal Spending to conclude the week’s highlights. The New Zealand Daylight Savings Time shift will take place on Saturday.

ECONOMIC OUTLOOK

The following table contains significant upcoming data and events for each of the major economies, as well as the market’s consensus expectation and last result for each data release.

Date GMT Time Currency   Event    Actual Consensus Previous  
MonSep 23 12:00am AUD Flash Manufacturing PMI 49.4 50.9
AUD Flash Services PMI 52.5 49.1
All Day JPY Bank Holiday
 8:15am EUR French Flash Services PMI 53.1 53.4
EUR French Flash Manufacturing PMI 50.9 51.1
8:30am EUR German Flash Manufacturing PMI 44.6 43.5
EUR German Flash Services PMI 54.3 54.8
9:00am EUR Flash Manufacturing PMI 47.6 47.0
EUR Flash Services PMI 53.1 53.5
10:15am GBP MPC Member Tenreyro Speaks
11:00am GBP CBI Industrial Order Expectations -14 -13
Tentative EUR German Buba Monthly Report
1:30pm CAD Wholesale Sales m/m 0.0% 0.6%
2:00pm CNY CB Leading Index m/m 1.3%
EUR ECB President Draghi Speaks
2:45pm USD Flash Manufacturing PMI 50.3 50.3
USD Flash Services PMI 51.5 50.7
2:50pm USD FOMC Member Williams Speaks
6:00pm USD FOMC Member Bullard Speaks
TueSep 24 1:30am JPY Flash Manufacturing PMI 49.5 49.3
6:30am JPY BOJ Gov Kuroda Speaks
9:00am EUR German Ifo Business Climate 94.5 94.3
9:30am GBP Public Sector Net Borrowing -2.0B
10:55am AUD RBA Gov Lowe Speaks
2:00pm EUR Belgian NBB Business Climate -5.7 -5.8
USD HPI m/m 0.3% 0.2%
USD S&P/CS Composite-20 HPI y/y 2.2% 2.1%
3:00pm USD CB Consumer Confidence 134.1 135.1
USD Richmond Manufacturing Index 2 1
11:45pm NZD Trade Balance -100M -685M
WedSep 25 12:50am JPY Monetary Policy Meeting Minutes
JPY SPPI y/y 0.5% 0.5%
3:00am NZD Official Cash Rate 1.00% 1.00%
NZD RBNZ Rate Statement
6:00am JPY BOJ Core CPI y/y 0.6% 0.6%
7:00am EUR German GfK Consumer Climate 9.7 9.7
9:00am CHF Credit Suisse Economic Expectations -37.5
9:30am GBP High Street Lending 43.3K
11:00am GBP CBI Realized Sales -22 -49
Tentative EUR German 10-y Bond Auction -0.70|1.9
1:00pm USD FOMC Member Evans Speaks
2:00pm CHF SNB Quarterly Bulletin
3:00pm USD FOMC Member George Speaks
USD New Home Sales 652K 635K
3:30pm USD Crude Oil Inventories 1.1M
ThuSep 26 9:00am EUR ECB Economic Bulletin
EUR M3 Money Supply y/y 5.1% 5.2%
EUR Private Loans y/y 3.4%
1:30pm USD Final GDP q/q 2.0% 2.0%
USD Final GDP Price Index q/q 2.4% 2.4%
USD Goods Trade Balance -73.3B -72.3B
USD Prelim Wholesale Inventories m/m 0.2%
USD Unemployment Claims 208K
2:30pm EUR ECB President Draghi Speaks
2:45pm GBP BOE Gov Carney Speaks
3:00pm USD FOMC Member Bullard Speaks
USD Pending Home Sales m/m -1.0% -2.5%
3:30pm USD Natural Gas Storage 84B
4:45pm USD FOMC Press Conference
USD FOMC Member Clarida Speaks
FriSep 27 12:01am GBP GfK Consumer Confidence -14 -14
12:30am JPY Tokyo Core CPI y/y 0.6% 0.7%
7:00am EUR German Import Prices m/m
7:45am EUR French Consumer Spending m/m 0.4%
EUR French Prelim CPI m/m 0.5%
8:00am GBP MPC Member Saunders Speaks
Tentative EUR Italian 10-y Bond Auction 0.96|1.3
1:30pm USD Core Durable Goods Orders m/m 0.2% -0.4%
USD Personal Spending m/m 0.3% 0.6%
USD Core PCE Price Index m/m 0.2% 0.2%
USD Durable Goods Orders m/m -1.1% 2.0%
USD FOMC Member Quarles Speaks
USD Personal Income m/m 0.4% 0.1%
3:00pm USD Revised UoM Consumer Sentiment 92.0 92.0
USD Revised UoM Inflation Expectations 2.8%
SatSep 28 3:00pm NZD Daylight Saving Time Shift

 

TECHNICAL OUTLOOK

The table below contains a directional forecast for the coming week, the current spot rate, and key support and resistance levels for each of the major currency pairs.

EUR/USD Neutral Resistance: 1.1027/1.1249 1.1273/1.1570 1.1791/1.1852
Spot: 1.1021 Support: 1.0990/1.1016 1.0873/1.0952 1.0808/19
           
USD/JPY Lower Resistance: 107.81/109.31 110.37/112.56 113.38/114.21
Spot: 107.73 Support: 106.68/107.53 105.05/92 104.32/64
         
GBP/USD Higher Resistance: 1.2504/81 1.2734/83 1.2814/65
Spot: 1.2484 Support: 1.2440 1.2188/1.2392 1.1884/1.1.2110
         
AUD/USD Lower Resistance: 0.6832/76 0.6894/0.7246 0.6909/0.7393
Spot: 0.6778 Support: 0.6760 0.6677/0.6740 0.6248
           
USD/CAD Higher Resistance: 1.3287/1.3403 1.3422/1.3598 1.3660
Spot: 1.3274 Support: 1.3018/1.3265 1.2970 1.2916/27
           
NZD/USD Lower Resistance: 0.6279 0.6342/0.6586 0.6626/0.6780
Spot: 0.6272 Support: 0.6255/69 0.6098 0.5992

Disclaimer:

TheFXperts’ Forex MarketWatch Reports are provided strictly for educational purposes and represent the opinions of the authors. No recommendation or endorsement for specific financial trading or investment purposes is offered. Subscribers are advised to seek financial, business and legal guidance from licensed professionals.

Visit TheFXperts’ official website at www.TheFXperts.com.  You can also view and purchase Jay and Julie Hawk’s six financial books at Jay’s Amazon author page here: amazon.com/author/Jayhawk

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