Forex, Market Reports

Forex MarketWatch Weekly Outlook for September 16th

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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 moderately active, and its highlights begin with Monday’s release of Eurozone CPI and Canadian Foreign Securities Purchases. On Tuesday, Australia will release the RBA’s Monetary Policy Meeting Minutes and the HPI, while the New Zealand Current Account and Canadian Manufacturing Sales are also due out and ECB President Mario Draghi will give a speech at the French Prudential Supervision and Resolution Authority event in Paris.

Wednesday will see the BOJ release its Policy Rate, as well as the central bank’s Monetary Policy Statement and associated Press Conference. Elsewhere on Wednesday, the UK will release Yearly CPI, PPI Input and RPI, ECB President Draghi will speak at an event hosted by the Jacques Delors Institute in Berlin, and New Zealand GDP and U.S. Crude Oil Inventories are also on calendar.

Thursday’s highlights include the SNB Libor Rate and Monetary Policy Assessment, as well as UK Retail Sales. The week concludes with Friday’s releases that include: the EZ, German and French Flash Services and Manufacturing PMIs, UK Public Sector Net Borrowing, and Canadian CPI and Core Retail Sales numbers.

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   Out Last Expected  
MonSep 17 12:01am GBP Rightmove HPI m/m 0.7% -2.3%
All Day JPY Bank Holiday
 10:00am EUR Final CPI y/y 2.0% 2.0%
EUR Final Core CPI y/y 1.0% 1.0%
EUR Italian Trade Balance 4.82B 5.07B
11:00am EUR German Buba Monthly Report
1:30pm CAD Foreign Securities Purchases 4.35B 11.55B
USD Empire State Manufacturing Index 23.2 25.6
2:30pm GBP CB Leading Index m/m -0.2%
3:30pm AUD CB Leading Index m/m 0.2%
TueSep 18 2:30am AUD Monetary Policy Meeting Minutes
AUD HPI q/q -0.7% -0.7%
8:15am EUR ECB President Draghi Speaks
1:30pm CAD Manufacturing Sales m/m 1.0% 1.1%
3:00pm USD NAHB Housing Market Index 66 67
Tentative NZD GDT Price Index -0.7%
9:00pm USD TIC Long-Term Purchases 65.1B -36.5B
10:00pm NZD Westpac Consumer Sentiment 108.6
11:45pm NZD Current Account -1.32B 0.18B
WedSep 19 12:50am JPY Trade Balance -0.14T -0.05T
1:30am AUD MI Leading Index m/m 0.0%
2:30am AUD RBA Assist Gov Kent Speaks
Tentative JPY Monetary Policy Statement
Tentative JPY BOJ Policy Rate -0.10% -0.10%
6:45am CHF SECO Economic Forecasts
Tentative JPY BOJ Press Conference
9:00am EUR Current Account 22.4B 23.5B
GBP MPC Member Haldane Speaks
9:30am GBP CPI y/y 2.4% 2.5%
GBP PPI Input m/m 0.4% 0.5%
GBP RPI y/y 3.2% 3.2%
GBP Core CPI y/y 1.8% 1.9%
GBP HPI y/y 2.9% 3.0%
GBP PPI Output m/m 0.2% 0.0%
Tentative EUR German 10-y Bond Auction 0.33|1.2
1:30pm USD Building Permits 1.31M 1.31M
USD Housing Starts 1.24M 1.17M
USD Current Account -103B -124B
2:00pm EUR ECB President Draghi Speaks
3:30pm USD Crude Oil Inventories -5.3M
11:45pm NZD GDP q/q 0.8% 0.5%
ThuSep 20 2:30am AUD RBA Bulletin
7:00am CHF Trade Balance 2.41B 2.26B
8:30am CHF SNB Monetary Policy Assessment
CHF Libor Rate -0.75% -0.75%
9:30am GBP Retail Sales m/m -0.1% 0.7%
Tentative EUR Spanish 10-y Bond Auction 1.43|1.4
Tentative GBP 10-y Bond Auction 1.46|2.2
1:30pm CAD ADP Non-Farm Employment Change 11.6K
USD Philly Fed Manufacturing Index 16.3 11.9
USD Unemployment Claims 210K 204K
3:00pm EUR Consumer Confidence -2 -2
USD CB Leading Index m/m 0.5% 0.6%
USD Existing Home Sales 5.39M 5.34M
3:30pm USD Natural Gas Storage 69B
4:15pm EUR German Buba President Weidmann Speaks
11:45pm NZD Visitor Arrivals m/m 0.6%
FriSep 21 12:30am JPY National Core CPI y/y 0.9% 0.8%
1:30am JPY Flash Manufacturing PMI 53.1 52.5
4:00am NZD Credit Card Spending y/y 3.2%
5:30am JPY All Industries Activity m/m 0.2% -0.8%
8:00am EUR French Flash Manufacturing PMI 53.3 53.5
EUR French Flash Services PMI 55.4 55.4
8:30am EUR German Flash Manufacturing PMI 55.8 55.9
EUR German Flash Services PMI 55.1 55.0
9:00am EUR Flash Manufacturing PMI 54.4 54.4
EUR Flash Services PMI 54.5 54.5
9:30am GBP Public Sector Net Borrowing 3.0B -2.9B
12:00pm GBP BOE Quarterly Bulletin
1:30pm CAD CPI m/m 0.5%
CAD Core Retail Sales m/m -0.1%
CAD Common CPI y/y 1.9%
CAD Median CPI y/y 2.0%
CAD Retail Sales m/m -0.2%
CAD Trimmed CPI y/y 2.1%
CAD Core CPI m/m 0.2%
2:45pm USD Flash Manufacturing PMI 55.1 54.7
USD Flash Services PMI 54.9 54.8

 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: 1.1645/59 1.1676/1.1764 1.1791/1.1852
Spot: 1.1632 Support: 1.1508/1.1585 1.1444/45 1.1285/1.1313
           
USD/JPY Mildly Lower Resistance: 112.15/20 112.80/113.17 113.43/75
Spot: 111.99 Support: 111.13/76 109.20/110.90 108.65/95
           
GBP/USD Higher Resistance: 1.3143 1.3173/1.3213 1.3293/1.3315
Spot: 1.3083 Support: 1.3027/83 1.2936/58 1.2775/1.2897
           
AUD/USD Mildly Higher Resistance: 0.7160 0.7203/38 0.7311/0.7566
Spot: 0.7156 Support: 0.7145 0.7052/98 0.6827
           
USD/CAD Lower Resistance: 1.3051/1.3130 1.3174/1.3252 1.3290
Spot: 1.3033 Support: 1.2922/1.2987 1.2858/88 1.2803/19
           
NZD/USD Higher Resistance: 0.6595 0.6610/20 0.6676/0.6727
Spot: 0.6554 Support: 0.6530/44 0.6498/0.6501 0.6429

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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