Forex, Market Reports

Forex MarketWatch Weekly Outlook for March 24th, 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 somewhat light on releases. It begins with Monday’s release of German Ifo Business Climate and the New Zealand Trade Balance. On Tuesday, highlights include the RBNZ’s Official Cash Rate and RBNZ Rate Statement, U.S. CB Consumer Confidence and Building Permits.

Wednesday’s key events begin with a speech by ECB President Draghi, and include the Canadian Trade Balance and the New Zealand ANZ Business Confidence index. Thursday’s highlights include German Preliminary CPI, U.S. Final GDP and a speech by RBNZ Governor Orr.

The week concludes on Friday with the a tentative Parliamentary vote on Brexit in the UK, followed by Canadian GDP, the UK Current Account, Final GDP and Net Lending to Individuals. Saturday will mark the end of Daylight Savings time in Europe.

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  
MonMar 25  5:30am JPY All Industries Activity m/m -0.3% -0.4%
6:00am USD FOMC Member Evans Speaks
10:00am EUR German Ifo Business Climate 98.7 98.5
2:00pm CNY CB Leading Index m/m 1.6%
3:00pm EUR Belgian NBB Business Climate -2.0 -1.7
9:30pm AUD RBA Assist Gov Ellis Speaks
10:45pm NZD Trade Balance -200M -914M
TueMar 26 12:50am JPY BOJ Summary of Opinions
JPY SPPI y/y 1.2% 1.1%
3:30am USD FOMC Member Rosengren Speaks
6:00am JPY BOJ Core CPI y/y 0.5%
8:00am EUR German GfK Consumer Climate 10.8 10.8
10:30am GBP High Street Lending 39.4K 40.6K
11:30am USD FOMC Member Evans Speaks
12:00pm GBP MPC Member Broadbent Speaks
1:30pm USD Building Permits 1.32M 1.32M
USD Housing Starts 1.22M 1.23M
2:00pm USD HPI m/m 0.4% 0.3%
USD S&P/CS Composite-20 HPI y/y 4.3% 4.2%
3:00pm USD CB Consumer Confidence 132.1 131.4
USD Richmond Manufacturing Index 12 16
WedMar 27 2:00am NZD Official Cash Rate 1.75% 1.75%
NZD RBNZ Rate Statement
9:00am EUR ECB President Draghi Speaks
10:00am CHF Credit Suisse Economic Expectations -16.6
Tentative EUR German 10-y Bond Auction 0.12|2.5
12:00pm GBP CBI Realized Sales 5 0
1:30pm CAD Trade Balance -2.3B -4.6B
USD Current Account -130B -125B
USD Trade Balance -57.5B -59.8B
3:00pm CHF SNB Quarterly Bulletin
3:30pm AUD CB Leading Index m/m 0.1%
USD Crude Oil Inventories -9.6M
10:30pm USD FOMC Member George Speaks
ThuMar 28 12:00am AUD RBA Assist Gov Kent Speaks
1:00am NZD ANZ Business Confidence -30.9
28th-3rd GBP Nationwide HPI m/m 0.0% -0.1%
All Day EUR German Prelim CPI m/m 0.6% 0.4%
9:00am EUR Spanish Flash CPI y/y 1.4% 1.1%
Tentative GBP FPC Statement
10:00am EUR M3 Money Supply y/y 3.9% 3.8%
EUR Private Loans y/y 3.3% 3.2%
Tentative EUR Italian 10-y Bond Auction 2.81|1.3
12:15pm USD FOMC Member Quarles Speaks
1:30pm USD Final GDP q/q 2.4% 2.6%
USD Final GDP Price Index q/q 1.8% 1.8%
USD Unemployment Claims 220K 221K
2:30pm USD FOMC Member Clarida Speaks
3:00pm USD FOMC Member Bowman Speaks
USD Pending Home Sales m/m 0.5% 4.6%
3:30pm USD Natural Gas Storage -47B
6:00pm CHF Gov Board Member Maechler Speaks
9:00pm NZD RBNZ Gov Orr Speaks
10:20pm USD FOMC Member Bullard Speaks
10:45pm NZD Building Consents m/m 16.5%
FriMar 29 12:30am JPY Tokyo Core CPI y/y 1.1% 1.1%
JPY Unemployment Rate 2.5% 2.5%
12:50am JPY Prelim Industrial Production m/m 1.4% -3.4%
JPY Retail Sales y/y 0.9% 0.6%
1:01am GBP GfK Consumer Confidence -14 -13
1:30am AUD Private Sector Credit m/m 0.2% 0.2%
6:00am JPY Housing Starts y/y -0.1% 1.1%
8:00am EUR German Import Prices m/m 0.5% -0.2%
EUR German Retail Sales m/m -1.0% 3.3%
8:45am EUR French Consumer Spending m/m 0.2% 1.2%
EUR French Gov Budget Balance -17.3B
EUR French Prelim CPI m/m 0.9% 0.0%
9:00am CHF KOF Economic Barometer 93.6 92.4
9:55am EUR German Unemployment Change -10K -21K
10:30am GBP Current Account -22.9B -26.5B
GBP Final GDP q/q 0.2% 0.2%
GBP Net Lending to Individuals m/m 4.6B 4.8B
GBP M4 Money Supply m/m 0.3% 0.2%
GBP Mortgage Approvals 65K 67K
GBP Revised Business Investment q/q -1.4% -1.4%
11:00am EUR Italian Prelim CPI m/m 0.3% 0.2%
1:30pm CAD GDP m/m -0.1%
CAD RMPI m/m 3.8%
CAD IPPI m/m -0.3%
USD Core PCE Price Index m/m 0.2% 0.2%
USD Personal Spending m/m 0.3% -0.5%
USD Personal Income m/m 0.3% -0.1%
2:45pm USD Chicago PMI 61.8 64.7
3:00pm USD Revised UoM Consumer Sentiment 97.8 97.8
USD New Home Sales 625K 607K
USD Revised UoM Inflation Expectations 2.4%
5:00pm USD FOMC Member Quarles Speaks
Tentative GBP Parliament Brexit Vote

 

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: 1.1338/1.1371 1.11419/1.1570 1.1621/59
Spot: 1.1301 Support: 1.1216/1.1301 1.1177 1.0912
           
USD/JPY Mildly Higher Resistance: 110.00/35 110.79/111.38 111.90/112.56
Spot: 109.95 Support: 109.56/95 109.09/14 107.32/108.50
     
GBP/USD Lower Resistance: 1.3217/1.3310 1.3350/81 1.3472
Spot: 1.3192 Support: 1.3160/1.3185 1.3070/98 1.2773/1.3004
   
AUD/USD Lower Resistance: 0.7098 0.7145/68 0.7199/0.7393
Spot: 0.7079 Support: 0.7003/77 0.6909 0.6827
     
USD/CAD Mildly Higher Resistance: 1.3424/67 1.3565 1.3614/64
Spot: 1.3424 Support: 1.3287/1.3374 1.3127/1.3242 1.3048/69
     
NZD/USD Lower Resistance: 0.6873/0.6969 0.7060 0.7253/61
Spot: 0.6873 Support: 0.6720/0.6827 0.6676/0.6707 0.6424/0.6630

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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