Forex MarketWatch Weekly Outlook for June 23rd, 2019

EDITORS-IN-CHIEF:

Jay and Julie Hawk

FIND OUT MORE:

www.thefxperts.com

ECONOMIC SUMMARY

This week’s economic calendar begins on Monday with a speech by RBA Governor Philip Lowe, and releases include the New Zealand Trade Balance and the German Ifo Business Climate survey. On Tuesday, highlights include the OPEC Meetings in Vienna, Austria, a speech by Fed Chair Jerome Powell and the U.S. CB Consumer Confidence index.

Wednesday’s releases begin with the RBNZ’s Official Cash Rate and Rate Statement, the UK Inflation Report Hearings, and U.S. Core Durable Goods Orders and Durable Goods Orders. Thursday will see the release of New Zealand ANZ Business Climate index, German Preliminary CPI and U.S. Final Quarterly GDP.

Friday will be the first day of the G-20 Meetings, which will be held in Osaka, Japan. The meeting will be the 14th meeting of the group. Releases on Friday include the UK Current Account and Final GDP, Canadian GDP, U.S. Personal Spending, and the BOC Business Outlook Survey. The week concludes on Saturday with the second day of the G-20 Meetings.

 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
MonJun 24	12:30am	AUD		RBA Gov Lowe Speaks
	4:00am	NZD		Credit Card Spending y/y				4.50%
	9:00am	EUR		German Ifo Business Climate			97.4	97.9
	2:00pm	CNY		CB Leading Index m/m				0.80%
		EUR		Belgian NBB Business Climate			-2.2	-3.6
	11:45pm	NZD		Trade Balance			200M	433M
TueJun 25	12:50am	JPY		Monetary Policy Meeting Minutes
		JPY		SPPI y/y			1.10%	0.90%
	6:00am	JPY		BOJ Core CPI y/y			0.60%	0.70%
	8:05am	AUD		RBA Assist Gov Bullock Speaks
	11:00am	GBP		CBI Realized Sales			0	-27
	All Day	All		OPEC Meetings
	1:30pm	CAD		Wholesale Sales m/m				1.40%
	1:45pm	USD		FOMC Member Williams Speaks
	2:00pm	USD		HPI m/m			0.20%	0.10%
		USD		S&P/CS Composite-20 HPI y/y			2.50%	2.70%
	3:00pm	USD		CB Consumer Confidence			132	134.1
		USD		Richmond Manufacturing Index			7	5
		USD		New Home Sales			686K	673K
	6:00pm	USD		Fed Chair Powell Speaks
	11:30pm	USD		FOMC Member Bullard Speaks
WedJun 26	3:00am	NZD		Official Cash Rate			1.50%	1.50%
		NZD		RBNZ Rate Statement
	7:00am	EUR		German GfK Consumer Climate			10	10.1
	9:00am	CHF		Credit Suisse Economic Expectations				-14.3
	9:30am	GBP		High Street Lending			43.2K	43.0K
	10:15am	GBP		Inflation Report Hearings
	1:30pm	USD		Core Durable Goods Orders m/m			0.10%	0.00%
		USD		Durable Goods Orders m/m			0.00%	-2.10%
		USD		Goods Trade Balance			-71.8B	-72.1B
		USD		Prelim Wholesale Inventories m/m			0.60%	0.80%
	3:30pm	USD		Crude Oil Inventories				-3.1M
ThuJun 27	12:50am	JPY		Retail Sales y/y			1.20%	0.50%
	2:00am	NZD		ANZ Business Confidence				-32
	27th-1st	GBP		Nationwide HPI m/m
	8:00am	EUR		Spanish Flash CPI y/y			0.80%	0.80%
	All Day	EUR		German Prelim CPI m/m			0.20%	0.20%
	Tentative	EUR		Italian 10-y Bond Auction				2.60|1.3
	1:30pm	USD		Final GDP q/q			3.10%	3.10%
		USD		Final GDP Price Index q/q			0.80%	0.80%
		USD		Unemployment Claims			220K	216K
	3:00pm	USD		Pending Home Sales m/m			1.10%	-1.50%
	3:30pm	USD		Natural Gas Storage				115B
	Tentative	USD		Bank Stress Test Results
FriJun 28	12:01am	GBP		GfK Consumer Confidence			-11	-10
	12:30am	JPY		Tokyo Core CPI y/y			1.00%	1.10%
		JPY		Unemployment Rate			2.40%	2.40%
	12:50am	JPY		BOJ Summary of Opinions
		JPY		Prelim Industrial Production m/m			0.70%	0.60%
	Day 1	All		G20 Meetings
	2:30am	AUD		Private Sector Credit m/m			0.20%	0.20%
	6:00am	JPY		Housing Starts y/y			-4.20%	-5.70%
	7:00am	EUR		German Import Prices m/m			-0.10%	0.30%
	7:45am	EUR		French Consumer Spending m/m			0.20%	0.80%
		EUR		French Prelim CPI m/m			0.00%	0.10%
	8:00am	CHF		KOF Economic Barometer			94.2	94.4
	9:30am	GBP		Current Account			-32.0B	-23.7B
		GBP		Final GDP q/q			0.50%	0.50%
		GBP		Revised Business Investment q/q			0.50%	0.50%
	10:00am	EUR		CPI Flash Estimate y/y			1.20%	1.20%
		EUR		Core CPI Flash Estimate y/y			1.00%	0.80%
		EUR		Italian Prelim CPI m/m			0.00%	0.00%
	1:30pm	CAD		GDP m/m			0.20%	0.50%
		CAD		RMPI m/m				5.60%
		CAD		IPPI m/m				0.80%
		USD		Core PCE Price Index m/m			0.20%	0.20%
		USD		Personal Spending m/m			0.50%	0.30%
		USD		Personal Income m/m			0.30%	0.50%
	2:45pm	USD		Chicago PMI			54	54.2
	3:00pm	USD		Revised UoM Consumer Sentiment			97.4	97.9
		USD		Revised UoM Inflation Expectations				2.60%
	3:30pm	CAD		BOC Business Outlook Survey
SatJun 29	Day 2	All		G20 Meetings

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:	1.1419/1.1570	1.1791/1.1815	1.1852
Spot:	1.1372	Support:	1.1273/1.1371	1.1136/1.1226	1.1107/12
USD/JPY	Mildly Higher	Resistance:	107.81/88	108.11/109.15	110.37/112.56
Spot:	107.31	Support:	107.29	105.35/55	104.64
GBP/USD	Higher	Resistance:	1.2773/1.2883	1.2925/87	1.3004
Spot:	1.2742	Support:	1.2605/1.2712	1.2559	1.2447/1.2506
AUD/USD	Higher	Resistance:	0.6934/0.7168	0.7192/0.7246	0.7295/0.7393
Spot:	0.6925	Support:	0.6909	0.6827/66	0.6697/0.6753
USD/CAD	Lower	Resistance:	1.3226/1.3403	1.3422/1.3598	1.3660/64
Spot:	1.3219	Support:	1.3112/1.3203	1.3048/69	1.2916
NZD/USD	Higher	Resistance:	0.6544/0.6614	0.6666/0.6980	0.7060
Spot:	0.6504	Support:	0.6424/0.6501	0.6347	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