Forex, Market Reports

Forex MarketWatch Weekly Outlook for August 19th, 2019

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Graphic for MW Outlooks

EDITORS-IN-CHIEF:

Jay and Julie Hawk

FIND OUT MORE:

www.thefxperts.com

ECONOMIC SUMMARY

This week’s economic calendar is again moderately busy, and its highlights begin on Tuesday with the release of the RBA’s Monetary Policy Meeting Minutes, Canadian Manufacturing Sales and a speech by FOMC member Randal Quarles. Wednesday then features U.K. Public Sector Net Borrowing, Canadian CPI and the FOMC Meeting Minutes.

Thursday will mark the first day of the Jackson Hole Economic Symposium, and key economic releases include French, German and EZ Flash Manufacturing and Services PMIs, the ECB’s Monetary Policy Meeting Accounts, U.S. Flash Manufacturing PMI, and New Zealand Retail Sales and Core Retail Sales.

Friday will see the second day of the Jackson Hole Symposium, in addition to the release of Canadian Retail and Core Retail Sales, and a speech by Fed Chair Jerome Powell. The week concludes on Saturday with the third day of the Jackson Hole Symposium.

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  
SunAug 18 11:45pm NZD PPI Input q/q 0.3% -0.6% -0.9%
NZD PPI Output q/q 0.5% -0.4% -0.5%
MonAug 19 12:01am GBP Rightmove HPI m/m -1.0% -0.2%
12:50am JPY Trade Balance -0.13T -0.15T -0.03T
 9:00am EUR Current Account 32.2B 29.7B
10:00am EUR Final CPI y/y 1.1% 1.1%
EUR Final Core CPI y/y 0.9% 0.9%
Tentative EUR German Buba Monthly Report
TueAug 20 2:30am AUD Monetary Policy Meeting Minutes
7:00am CHF Trade Balance 3.87B 4.10B
EUR German PPI m/m 0.0% -0.4%
11:00am GBP CBI Industrial Order Expectations -25 -34
1:30pm CAD Manufacturing Sales m/m -1.8% 1.6%
3:30pm AUD CB Leading Index m/m -0.1%
Tentative NZD GDT Price Index -2.6%
11:00pm USD FOMC Member Quarles Speaks
WedAug 21 1:30am AUD MI Leading Index m/m -0.1%
4:00am NZD Credit Card Spending y/y 6.6%
9:30am GBP Public Sector Net Borrowing -3.7B 6.5B
Tentative EUR German 30-y Bond Auction 0.30|1.1
1:30pm CAD CPI m/m 0.1% -0.2%
CAD Common CPI y/y 1.8% 1.8%
CAD Median CPI y/y 2.1% 2.2%
CAD Trimmed CPI y/y 2.0% 2.1%
CAD Core CPI m/m 0.0%
3:00pm USD Existing Home Sales 5.41M 5.27M
3:30pm USD Crude Oil Inventories 1.6M
7:00pm USD FOMC Meeting Minutes
ThuAug 22 12:00am AUD Flash Manufacturing PMI 51.6
AUD Flash Services PMI 52.3
1:30am JPY Flash Manufacturing PMI 49.8 49.4
5:30am JPY All Industries Activity m/m -0.7% 0.3%
8:15am EUR French Flash Services PMI 52.5 52.6
EUR French Flash Manufacturing PMI 49.5 49.7
8:30am EUR German Flash Manufacturing PMI 43.1 43.2
EUR German Flash Services PMI 54.1 54.5
9:00am EUR Flash Manufacturing PMI 46.3 46.5
EUR Flash Services PMI 53.0 53.2
11:00am GBP CBI Realized Sales -13 -16
12:30pm EUR ECB Monetary Policy Meeting Accounts
1:30pm CAD Wholesale Sales m/m -0.2% -1.8%
USD Unemployment Claims 217K 220K
2:45pm USD Flash Manufacturing PMI 50.5 50.4
USD Flash Services PMI 52.9 53.0
3:00pm EUR Consumer Confidence -7 -7
USD CB Leading Index m/m 0.2% -0.3%
3:30pm USD Natural Gas Storage 49B
Day 1 All Jackson Hole Symposium
11:45pm NZD Retail Sales q/q 0.1% 0.7%
NZD Core Retail Sales q/q 0.2% 0.7%
FriAug 23 12:30am JPY National Core CPI y/y 0.6% 0.6%
1:30pm CAD Core Retail Sales m/m -0.1% -0.3%
CAD Retail Sales m/m -0.3% -0.1%
CAD Corporate Profits q/q -0.3%
2:00pm CNY CB Leading Index m/m 0.9%
EUR Belgian NBB Business Climate -6.0 -5.0
3:00pm USD Fed Chair Powell Speaks
USD New Home Sales 645K 646K
Day 2 All Jackson Hole Symposium
SatAug 24 Day 3 All Jackson Hole Symposium

 

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 Lower Resistance: 1.1102/1.1249 1.1273/1.1570 1.1791/1.1852
Spot: 1.1092 Support: 1.1098/1.1066 1.1027 1.0873/1.0952
           
USD/JPY Higher Resistance: 106.78/109.31 110.37/112.56 113.38/114.21
Spot: 106.39 Support: 105.05/79 104.32/64 101.20
         
GBP/USD Mildly Higher Resistance: 1.2188/1.2250 1.2382 1.2447/1.2506
Spot: 1.2165 Support: 1.2080/1.2110 1.1973/1.2023 1.1927
         
AUD/USD Lower Resistance: 0.6818/66 0.6903/0.7246 0.6909/0.7393
Spot: 0.6785 Support: 0.6677/0.6753 0.6248 0.6008
           
USD/CAD Higher Resistance: 1.3226/1.3403 1.3422/1.3598 1.3660
Spot: 1.3219 Support: 1.3018/1.3184 1.2970 1.2916/27
           
NZD/USD Lower Resistance: 0.6498/0.6586 0.6626/0.6980 0.7060
Spot: 0.6424 Support: 0.6424 0.6347/77 0.6098

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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