Forex, Market Reports

Forex MarketWatch Weekly Outlook for June 24th

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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 releases begin with German Ifo Business Climate on Monday, followed by Tuesday’s release of U.S. CB Consumer Confidence, the New Zealand Trade Balance and speeches by the Fed’s Bostic, and the BOE’s MPC members McCafferty and Haskel. On Wednesday, releases include the RBNZ Official Cash Rate and Statement, New Zealand ANZ Business Confidence index, U.S. Durable Goods and Core Durable Goods Orders, the BOE Financial Stability Report and speeches by BOC Governor Poloz, BOE Governor Carney and FOMC member Quarles.

Thursday’s numbers include U.S. Final GDP, German Preliminary CPI and the first day of the EU Economic Summit. The week concludes with Friday’s release of the UK Current Account, UK Final GDP, Canadian GDP and the Canadian BOC Business Outlook Survey.

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   Economic Event     Expected Last  
MonJun 25 12:50am JPY BOJ Summary of Opinions
 9:00am EUR German Ifo Business Climate 101.9 102.2
3:00pm USD New Home Sales 665K 662K
TueJun 26 12:50am JPY SPPI y/y 1.0% 0.9%
6:00am JPY BOJ Core CPI y/y 0.5%
9:30am GBP High Street Lending 38.2K 38.0K
10:00am GBP MPC Member Haskel Speaks
10:30am GBP MPC Member McCafferty Speaks
Tentative GBP 10-y Bond Auction
Tentative GBP 30-y Bond Auction
11:00am GBP CBI Realized Sales 10 11
2:00pm USD S&P/CS Composite-20 HPI y/y 6.9% 6.8%
3:00pm USD CB Consumer Confidence 127.6 128.0
USD Richmond Manufacturing Index 15 16
6:00pm USD FOMC Member Bostic Speaks
11:45pm NZD Trade Balance 100M 263M
WedJun 27 2:00am NZD ANZ Business Confidence -27.2
9:00am CHF Credit Suisse Economic Expectations 28.0
EUR M3 Money Supply y/y 3.8% 3.9%
EUR Private Loans y/y 3.0% 2.9%
9:30am GBP BOE Gov Carney Speaks
GBP BOE Financial Stability Report
GBP FPC Statement
1:30pm USD Core Durable Goods Orders m/m 0.5% 0.9%
USD Durable Goods Orders m/m -0.9% -1.6%
USD Goods Trade Balance -68.9B -67.3B
USD Prelim Wholesale Inventories m/m 0.2% 0.1%
2:00pm CHF SNB Quarterly Bulletin
CNY CB Leading Index m/m 1.5%
3:00pm USD Pending Home Sales m/m 1.1% -1.3%
3:30pm USD Crude Oil Inventories -5.9M
4:00pm USD FOMC Member Quarles Speaks
8:00pm CAD BOC Gov Poloz Speaks
10:00pm NZD Official Cash Rate 1.75% 1.75%
NZD RBNZ Rate Statement
ThuJun 28 12:50am JPY Retail Sales y/y 1.2% 1.5%
7:00am EUR German GfK Consumer Climate 10.6 10.7
28th-29th GBP Nationwide HPI m/m -0.2%
All Day EUR German Prelim CPI m/m 0.2% 0.5%
8:00am EUR Spanish Flash CPI y/y 2.2% 2.1%
9:00am EUR ECB Economic Bulletin
10:00am EUR Italian Prelim CPI m/m 0.2% 0.3%
Day 1 EUR EU Economic Summit
Tentative EUR Italian 10-y Bond Auction 3.00|1.5
1:30pm USD Final GDP q/q 2.2% 2.2%
USD Unemployment Claims 220K 218K
USD Final GDP Price Index q/q 1.9% 1.9%
2:30pm GBP MPC Member Haldane Speaks
3:30pm USD Natural Gas Storage 91B
5:00pm USD FOMC Member Bostic Speaks
11:45pm NZD Building Consents m/m -3.7%
FriJun 29 12:01am GBP GfK Consumer Confidence -7 -7
12:30am JPY Tokyo Core CPI y/y 0.6% 0.5%
JPY Unemployment Rate 2.5% 2.5%
12:50am JPY Prelim Industrial Production m/m -1.1% 0.5%
Tentative AUD HIA New Home Sales m/m -4.2%
2:30am AUD Private Sector Credit m/m 0.4% 0.4%
6:00am JPY Consumer Confidence 43.9 43.8
JPY Housing Starts y/y -6.0% 0.3%
7:00am EUR German Retail Sales m/m -0.4% 2.3%
EUR German Import Prices m/m 1.1% 0.6%
All Day EUR Italian Bank Holiday
7:45am EUR French Consumer Spending m/m 0.9% -1.5%
EUR French Prelim CPI m/m 0.1% 0.4%
8:00am CHF KOF Economic Barometer 101.0 100.0
8:55am EUR German Unemployment Change -8K -11K
9:30am GBP Current Account -18.2B -18.4B
GBP Final GDP q/q 0.1% 0.1%
GBP Net Lending to Individuals m/m 5.3B 5.7B
GBP Index of Services 3m/3m 0.0% 0.3%
GBP M4 Money Supply m/m 0.3% 0.2%
GBP Mortgage Approvals 62K 62K
GBP Revised Business Investment q/q -0.2% -0.2%
10:00am EUR CPI Flash Estimate y/y 2.0% 1.9%
EUR Core CPI Flash Estimate y/y 1.0% 1.1%
Day 2 EUR EU Economic Summit
1:30pm CAD GDP m/m 0.3%
CAD RMPI m/m 0.7%
CAD IPPI m/m 0.5%
USD Core PCE Price Index m/m 0.2% 0.2%
USD Personal Spending m/m 0.4% 0.6%
USD Personal Income m/m 0.4% 0.3%
2:45pm USD Chicago PMI 60.6 62.7
3:00pm USD Revised UoM Consumer Sentiment 99.2 99.3
USD Revised UoM Inflation Expectations 2.9%
3:30pm CAD BOC Business Outlook Survey
SatJun 30 2:00am CNY Manufacturing PMI 51.8 51.9
CNY Non-Manufacturing PMI 55.0 54.9

 

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: 1.1669/76 1.1717 1.1852
Spot: 1.1653 Support: 1.1618 1.1543/53 1.1508/10
           
USD/JPY Mildly Higher Resistance: 109.92/110.27 110.48 110. 84/91
Spot: 109.53 Support: 109.20/53 108.65/95 108.11
           
GBP/USD Mildly Higher Resistance: 1.3302/55 1.3458/91 1.3613/17
Spot: 1.3271 Support: 1.3266 1.3205/21 1.3027/40
           
AUD/USD Lower Resistance: 0.7443/76 0.7502/90 0.7605/76
Spot: 0.7424 Support: 0.7412 0.7373 0.7329/45
           
USD/CAD Higher Resistance: 1.3381/88 1.3588/98 1.3793
Spot: 1.3291 Support: 1.3206/52 1.3124 1.3000/80
           
NZD/USD Lower Resistance: 0.6954/87 0.7008/95 0.7140/53
Spot: 0.6902 Support: 0.6817/84 0.6780 0.6676

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.

 

 

 

 

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