Forex, Market Reports

Forex MarketWatch Weekly Outlook for July 23rd

cropped-jellyhawk-logo1.jpg

Graphic for MW Outlooks

EDITORS-IN-CHIEF:

Jay and Julie Hawk

FIND OUT MORE:

www.thefxperts.com

ECONOMIC SUMMARY

Economic releases affecting the forex market this week begin with U.S. Existing Home Sales and a speech by MPC member Ben Broadbent on Monday.

On Tuesday, releases include EU, German and French Flash Manufacturing and Services PMIs and the New Zealand Trade Balance. Wednesday will see Australian CPI and Trimmed Mean CPI, German Ifo Business Climate and U.S. Crude Oil Inventories.

Thursday’s numbers will have the ECB’s Main Refinancing Rate and Press Conference, U.S. Durable Goods Orders and Core Durable Goods Orders. The week’s highlights conclude with Friday’s release of U.S. Advance GDP and the Advance GDP Price Index.

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  
SunJul 22 Day 2 All G20 Meetings
MonJul 23  11:00am EUR German Buba Monthly Report
1:30pm CAD Wholesale Sales m/m 0.3% 0.1%
3:00pm EUR Consumer Confidence -1 -1
USD Existing Home Sales 5.46M 5.43M
3:30pm AUD CB Leading Index m/m 0.1%
6:00pm GBP MPC Member Broadbent Speaks
TueJul 24 1:30am JPY Flash Manufacturing PMI 53.2 53.0
6:00am JPY BOJ Core CPI y/y 0.5%
8:00am EUR French Flash Manufacturing PMI 52.6 52.5
EUR French Flash Services PMI 55.7 55.9
8:30am EUR German Flash Manufacturing PMI 55.5 55.9
EUR German Flash Services PMI 54.6 54.5
9:00am EUR Flash Manufacturing PMI 54.7 54.9
EUR Flash Services PMI 55.0 55.2
11:00am GBP CBI Industrial Order Expectations 8 13
2:00pm USD HPI m/m 0.4% 0.1%
2:45pm USD Flash Manufacturing PMI 55.1 55.4
USD Flash Services PMI 56.5 56.5
3:00pm USD Richmond Manufacturing Index 18 20
11:45pm NZD Trade Balance 200M 294M
WedJul 25 2:30am AUD CPI q/q 0.5% 0.4%
AUD Trimmed Mean CPI q/q 0.5% 0.5%
9:00am CHF Credit Suisse Economic Expectations 8.0
EUR German Ifo Business Climate 101.6 101.8
EUR M3 Money Supply y/y 4.0% 4.0%
EUR Private Loans y/y 3.0% 2.9%
9:30am GBP High Street Lending 39.0K 39.2K
11:00am GBP CBI Realized Sales 16 32
2:00pm EUR Belgian NBB Business Climate 0.4 0.6
3:00pm USD New Home Sales 671K 689K
3:30pm USD Crude Oil Inventories 5.8M
ThuJul 26 12:50am JPY SPPI y/y 1.0% 1.0%
2:30am AUD Import Prices q/q 1.9% 2.1%
7:00am EUR German GfK Consumer Climate 10.7 10.7
8:00am EUR Spanish Unemployment Rate 15.8% 16.7%
Tentative All OPEC-JMMC Meetings
12:45pm EUR Main Refinancing Rate 0.00% 0.00%
1:30pm EUR ECB Press Conference
USD Core Durable Goods Orders m/m 0.5% 0.0%
USD Durable Goods Orders m/m 2.7% -0.4%
USD Unemployment Claims 215K 207K
USD Goods Trade Balance -67.0B -64.8B
USD Prelim Wholesale Inventories m/m 0.4% 0.6%
2:00pm CNY CB Leading Index m/m 2.1%
3:30pm USD Natural Gas Storage 46B
FriJul 27 12:30am JPY Tokyo Core CPI y/y 0.7% 0.7%
2:30am AUD PPI q/q 0.4% 0.5%
6:30am EUR French Flash GDP q/q 0.3% 0.2%
7:00am EUR German Import Prices m/m 0.3% 1.6%
7:45am EUR French Consumer Spending m/m 0.6% 0.9%
1:30pm USD Advance GDP q/q 4.1% 2.0%
USD Advance GDP Price Index q/q 2.4% 2.2%
3:00pm USD Revised UoM Consumer Sentiment 97.3 97.1
USD Revised UoM Inflation Expectations 2.9%

 

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 Higher Resistance: 1.1745 1.1791/1.1852 1.1938
Spot: 1.1726 Support: 1.1669/1.1720 1.1613/18 1.1508/75
           
USD/JPY Lower Resistance: 111.13/39 112.20

 

112.80/113.75
Spot: 110.92 Support: 110.77/91 109.20/110.48 108.95
           
GBP/USD Lower Resistance: 1.3205/66 1.3302/15 1.3355/91
Spot: 1.3139 Support: 1.3102/03 1.3050 1.2958
           
AUD/USD Lower Resistance: 0.7441/84 0.7502/66 0.7605/0.7706
Spot: 0.7424 Support: 0.7412/24 0.7311/73 0.7145/60
           
USD/CAD Mildly Lower Resistance: 1.3206/52 1.3290 1.3381/88
Spot: 1.3132 Support: 1.3110/30 1.2970/1.3080 1.2937/43
           
NZD/USD Higher Resistance: 0.6826/40 0.6884/88 0.6921/0.7095
Spot: 0.6813 Support: 0.6790 0.6676/0.6726 0.6498

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 and buy Jay and Julie Hawk’s books at Amazon.com here: Buy Books Here.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s